Private investor Aston Property Ventures has bought six properties in Scotland and the North East for £32m.
The six buildings total 241,000 sq ft and have an annual rent roll of £3.6m.
The company now expects to deploy an additional £200m of additional investment by the end of 2014.
The Scottish deals are:
• Redmond House, a 33,422 sq ft office in Peterlee, for £2.35m, reflecting a net initial yield of 15%. The vendor was private . Nicholas Baron & Associates acted for APV.
• Admiral Court, a 40,488 sq ft office in Aberdeen city centre, for £11.8m at a net initial yield of 9.1%. The vendor was Cromdale, and the building is lent to Aker Solutions, Enterprise North East Trust and Wood group. Savills acted for APV.
• Bermuda and Maxxium House, two adjacent buildings in Stirling totalling 41,000 sq ft, for £4.1m at a net initial yield of 10.5%. The vendor was private. Knight Frank acted for APV.
• A 65,500 sq ft BHS store on the High Street, Ayr with an unexpired lease of 68 years and a 7600 sq ft Poundland store for £6m, reflecting a net initial yield of 11%. Knight Frank acted for APV.
• Cigna House, Greenock, a 31,157 sq ft office building for £3m at a net initial yield of 11%. Kennedy Wilson was the vendor, and JLL advised.
Additionally APV bought a property in the North of England: Woodlands Park, a 31,344 sq ft office in Cleckheaton, West Yorkshire for £4.9m at a net initial yield of 10.75%. The building was sold by Aberdeen Asset Management. “We have been taking advantage of the considerable discount to Scottish properties in the run-up to the referendum. Whether Scotland stay in the UK or not, these properties will continue to represent good value, as they are in areas of high demand” said Richard Bousfield, director at APV.
APV is owned by the Knox Group of Companies which has assets of £1.2bn under management.
sophia.furber@estatesgazette.com
