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06 October 2020

London & Scottish completes £43 million back-to-back property deals

London and Scottish Property Investment Management, the asset manager for Regional REIT Limited, has completed a back-to-back property deal selling an industrial warehouse complex for £32.7 million and purchasing two office buildings for £10.2 million.

The Glasgow-based property company has sold a 277,760 sq ft warehouse at Juniper Park, Basildon for £32.7 million to an unnamed buyer. The sale price is 59.4% higher than the 2016 acquisition price and is 3.9% above the property’s valuation on 30 June 2020.

The site, which is only six miles from J29 of the M25 and nine miles from London Gateway port, provides warehousing and office space for several logistics companies. Originally built as a gin distillery and bottling plant before being converted in 2003, the property comprises four industrial units and 10 office suites.

Since purchasing the property in March 2016, London & Scottish has implemented a series of asset management initiatives to increase its value. These have included new lettings, lease extensions and lease renewals so that the property better meets the needs of its tenants.

The company also acquired two office properties in Swansea and Bristol for £10.2 million. Waterside Business Park in Swansea is a 68,535 sq ft office building set in a 4.1-acre site less than three miles from Swansea City Centre. The Bristol property, at 2410 Aztec West, is a 22,349 sq ft office next to the M5 motorway and less than three miles from Bristol Parkway train station.

The combined properties provide an annual rent of £1.1 million and a net initial yield of 10.1%.

Stephen Inglis, CEO of London & Scottish, said: “We are very pleased to have completed these transactions. Selling Juniper Park at a 59.4% increase in value is a further example of our ability to improve the quality of an asset’s income streams and generate a substantial uplift in capital value.

“We always look to quickly reinvest the proceeds of a sale into new assets, and so were delighted at being able to quickly acquire the Bristol and Swansea properties. As well as further diversifying our portfolio, these acquisitions increase our presence in locations where we see potential for strong economic growth and demand.”