Scottish Amicable’s buying spree continued this week with news of £22.25m-worth of investment deals in Surrey and Strathclyde.
Scot Am is understood to have exchanged contracts with Stephan Wingate’s Development & Realisation Trust for St George’s Business Centre in Weybridge.
The price is about £13m, reflecting a yield of 9% on the 55,000-sq ft building, which lies close to the Brooklands business park. Strutt & Parker advised the purchaser.
DRT subsidiary Factory Holdings originally marketed St George’s Business Centre last year through Nelson Bakewell, but failed to find a buyer at the time. The agent was unavailable to comment on the Scot Am deal.
In Cumbernauld, meanwhile, Scot Am has completed the £9.25m acquisition of Westfield and Lenziemill industrial estates from Cumbernauld Development Corporation.
The two estates, originally offered separately, total 120 acres and produce £1.3m pa. Tenants include BOC, Atlas Copco and Nestle, with units ranging from 500-sq ft workshops to 35,000-sq ft factories.
These latest deals bring the total cost of Scot Am’s acquisitions since July – when it bought Hammerson’s Woolgate House in the City – to more than £120m.
In Cumbernauld, Ryden acted for Scot Am, while King Sturge & Co advised the development corporation.
