Midlands-based developer and investor, IM Properties, has sold its 102,000 sq ft Watermark building in Livingston,
IM bought the investment on the Alba Campus in June 2005 for £18.2m.
The scheme is now fully occupied, with the majority let to utility company, Scottish Water.
The tenant recently leased a further 18,000 sq ft in addition to the 46,500 sq ft it already occupied.
Technology company and former Watermark owner, Cadence Design Systems, occupies the bulk of the remainder, with Hay Systems occupying a further 6,000 sq ft.
The building produces a rental income of slightly less than £1.5m a year and the deal produced an initial yield of 6.41%.
Scott Harvey, of Cushman & Wakefield acted for the landlord. He said: “We had a number of other interested parties in the building, reflecting not only the renewed interest in Alba Campus in recent months but also the increasing popularity of
The new owner’s agent, David Johnston of King Sturge, added: “This investment offers good secure income and some asset management opportunities going forward.”
Mapeley will hope to tap into increased activity and demand for
Alba Campus owner, Miller Developments, recently drove rents forward to £16 per sq ft and CALA is also developing nearby.
