Halladale has completed phase 1 of its development of a 64-acre brownfield site in Cumbernauld, Scotland, and will shortly start with phase 2.
The development was first announced in June 2004.
Phase 1 involved the purchase of around 13-acres of the site on which a 200,000 sq ft production and office facility was constructed for and let to OKI UK on a 10-year lease at an annual rent of around £900,000.
The completed development has now been sold to an institutional investor for £12.3m.
Phase 2 of the development will start shortly on the adjoining 51-acre site, which Halladale and private equity firm Carlyle Group have acquired for just under £22m from OKI following the completion of phase 1.
The development will include up to 200,000 sq ft of new retail warehousing.
Construction is expected to begin at the end of 2005, with completion scheduled for autumn 2006.
Planning consent exists for up to a further 130,000 sq ft of retail warehousing and the total project has an estimated end value of around £100m.
DIY giant B&Q has signed an agreement to be the anchor tenant for a 47,000 sq ft unit on a 20-year lease on the retail warehousing park.
Eurohypo Bank is providing the senior debt for phase 2.
Culverwell Property Consultants and Harvey Spack Field acted for Halladale and Carlyle on the retail development, while Culverwell Property Consultants and M3 advised Halladale and Carlyle on the sale of the new OKI facility.
Atisreal advised OKI throughout.
References: EGi News 26/09/05
