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16.04.2008
Despite the current slowdown in occupier demand, our Glasgow agency team has completed a number of significant deals in recent months, particularly within the industrial and warehousing sectors.
For Brakes, Gerald Eve went cross country to dispose of an industrial unit with offices in Inverness, selling the freehold for £1.22m to HQC Construction. Meanwhile in Tannochside in Lanarkshire, the company had 2.39 acres of surplus land, and on marketing it as a development opportunity, we were able to lobby the local council to agree a new access road onto the site, enabling the site to be sold to Bell Developments for £180,000.
In Grangemouth, acting on behalf of M9 Cash & Carry, we successfully acquired an industrial site of 3.36 acres, together with a warehouse totalling 20,000 sq ft, via an off-market deal that enabled the wholesaler to fulfil its expansion plans. The acquisition price was £1.22m.
Waste and resource management company, Shanks, identified two sites in Broxburn and Aberdeen – 1.5 acres and 0.9 acres respectively - as surplus to requirements. The company had received a direct offer of £795,000 from a developer, but our team advised that a higher value could be obtained by marketing the premises openly. We sold the premises on the open market to local companies, Broxburn McPhie Transport and ARR Craib for £550,000 and £652,250 respectively, netting £1.2m for Shanks.
Commenting on the transactions, Sven Macaulay, associate in the agency team, says: We are continuing to enjoy a period of intense acquisition and disposal activity, particularly in the industrial and office sectors. These recent deals confirm that the market is still buoyant, and at the right price, with the right marketing approach, there are still plenty of deals to be done.”
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