Scottish commercial property company HFD has acquired 4 Bell Drive at Hamilton International Park for £4.5m.
Sold by Wemyss Properties, which refurbished the asset in conjunction with Rankeilour Properties, the 36,055 sq ft unit is occupied by Galaxy Insulation and Dry Lining.
The building includes a mix of offices, warehouse and outdoor yard space.
Wemyss and Rankeilour recently carried out an extensive refurbishment of the property, which included the removal of a mezzanine floor and creation of a new concrete yard. Following strong occupier interest, Galaxy agreed a 15-year, inflation-linked lease.
The business moved into the unit in November, opening its first Scottish branch.
HFD has managed Hamilton International Park since 2008.
Following completion of HFD’s EcoCampus development, the business park is fully developed and is now home to more than 80 businesses, employing over 6,000 people.
HFD was self-represented, while Colliers and Gilfillan Property Services acted for the seller, with the deal representing a net-initial-yield of 6.05%.
Elliot Cumming, property director at HFD, said: “The recent upgrades made to the property, the strong occupier interest and subsequent long-term lease made 4 Bell Drive an attractive proposition.
“As a developer we are committed to the environment and sustainability, and the fact that the unit’s occupier provide energy efficient materials for the construction sector is well aligned with our own goals.”
Jamie Fergusson, director of Rankeilour, added: “Investment and rental demand remains high for industrial properties across Scotland.
“Ultimately, the refurbishment property provided Galaxy with the confidence to commit to a long-term lease.”
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