Eskmuir Properties has sold Academy Park, its 7,599 sq m (81,800 sq ft) office building in Glasgow, to a local private investor for £10.5m on a 7.5% net initial yield.
According to Eskmuir, the price represents a surplus of £1.1m over current book value and £3.1m over book costs. Some 15 tenants occupy the building including Next and Legal & General and the annual rental income is £830,000.
John Lamb, Eskmuir’s Managing Director, said: “Academy Park has been an excellent investment for Eskmuir, but we are happy to sell at this level of price. We have already invested £54m in new acquisitions this year and we will be reinvesting the proceeds of this sale into assets which we believe have better prospects for growth.”
GVA Grimley represented Eskmuir. Smith, Cole, Wright advised the purchaser.
EGi News 02/08/99
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