Abrdn has sold a prime industrial estate in Edinburgh for close to £14m, around 9% above its asking price.
The vendor appointed Lismore to sell South Gyle Trade Park for offers exceeding £12.8m, reflecting a 7.5% initial yield, last year.
Perthshire-based development and investment company Rossco Properties has bought the location.
The estate is multi-let and split into four distinct components, with an overall floor area of 139,650 sq ft. It is set on a 12.3-acre site and provides 18 terraced and solus trade park units, three light industrial facilities and an office building.
Tenants include Network Rail, Thistle Timber & Building Supplies, Wolseley, D&G Autocare, Geo Amey, Martin Plant Hire, Dofos and CityFibre.
Colin Finlayson, director at Lismore, said: “Unbroken prime industrial assets such as this in Edinburgh are rare and the sale generated competitive bidding from a wide range of investors. The sale price achieved highlights positive market sentiment for prime multi-let industrial and trade park assets.”
A spokesperson for Rossco said: “Rossco already has a substantial property investment portfolio, so this asset represents both an income and capital growth play in the Central Belt’s prime industrial, distribution and trade park market. We are actively hunting for similar suitable opportunities.”
Lismore Real Estate Advisors acted for abrdn; Rossco Properties represented itself.
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