16 November 2020
Dumfries industrial estate sold in £3.1 million deal
London and Scottish Property Investment Management (LSPIM), the asset manager for property investment trust Regional REIT Limited, has sold Heathhall Industrial Estate near Dumfries for £3.1 million. The sale price represents a 55% uplift on the 2014 acquisition price and an average annual growth rate of 7.6%. Inglis Howie advised on both the purchase and the disposal.
The property comprises seven commercial and industrial units covering a total of 286,797 sq ft.
Since acquiring the Heathhall Industrial Estate, London & Scottish has implemented its asset management strategy for the site by renewing the leases of a number of key tenants. Following the letting of 60,000 sq ft of industrial space in early 2020, the estate is now fully let.
Andrew MacGilp, Director of Commercial Property at London & Scottish, said: “This sale is another example of how our proactive management approach can achieve excellent results. The team has not only increased rental income but also improved the capital value of the asset as part of our business plan for the site.
“Heathhall Industrial Estate provides valuable local employment, and we are selling this well-let property asset into an attractive market. We have a strong pipeline of new acquisition opportunities and are looking to buy more properties offering similar scope for yield and capital growth.”
Scott Howie of Inglis Howie said: “We are pleased to have advised LSPIM on the sale of Heathhall Industrial Estate in Dumfries. The multi-let estate, extending to 286,797 sq ft, was sold for £3,100,000 and was acquired by a private property company. Thanks also to Fraser Smith at Smith Cole Wright who represented the purchaser.”
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