Ryden completes the sale of multi-let industrial investment in Cambuslang, Glasgow for £1.125m.
Acting on behalf of Danobe, Ryden has sold the Heritable Interest in Block 9, Clydesmill Industrial Estate, Cambuslang, Glasgow to Cable Properties and Investments Limited for £1.125m, reflecting a net initial yield of 7.75% and a capital value rate of £85 psf.
The property comprises a terrace of five units totalling 13,187 sq ft, with unit sizes ranging from 1,864 sq ft to 3,816 sq ft. It is also part of Cambuslang Investment Park, located approximately 6 miles south east of Glasgow City Centre.The premises are fully let to tenants including Craighead Building Supplies Ltd and Clyde Document Imaging Ltd with a WAULT of 7 years to expiry and 5.6 years to break.
Derek Archer, Investment Associate at Ryden, commented on the deal:
”Given the strong prevailing demand for industrial stock as well as the asset’s prime location, the property was very well received within the market and attracted around half a dozen bids at closing date.”
Ryden represented Danobe in this transaction, while Avison & Young acted on behalf of Cable Properties and Investments Limited.