COMMERCIAL Property specialists Shed5 Ltd have acquired a 52,000 square feet distribution warehouse on Drum Mains Park, for £1.75million off-market.
A further £0.3 million has been allocated for a program of modernisations and improvements to the unit, which was previously owner-occupied by Maclean Electrical.
The purchase of the property was made with the assistance of JLL as well as S&F Investments Advisers with property consultants Graham + Sibbald acting for Maclean.
Guy Leslie, of S&F Investment Advisors, said: “We are delighted to have advised on the acquisition of this prominent Cumbernauld Unit in Westfield, which became available due to the previous owner relocating.
“It has fantastic potential, is in an excellent location with fantastic transport links and our client will look to undertake a refurbishment of the property ahead of offering it to new tenants. With a 75 meter yard, our client will look particularly to improving the loading, as well as re-decorating the offices.
“It is an ideal asset to sit in the Shed5 Investments portfolio. The purchase and commitment to this site is part of an ongoing active purchase strategy of value-add industrial assets in fundamentally strong locations which are seeing positive rental growth.”
Charlie McNaught, of JLL, said: “JLL are delighted to have secured this excellent asset, off market, on behalf of Shed5 and S&F Investments Advisers.
“The property’s fundamentals are extremely robust and it offers the potential for significant upside in the near future.”
Mark Gillies, of Graham + Sibbald, said: “Graham + Sibbald were delighted to deliver, in record time, the disposal of the superb distribution warehouse, on behalf of McLean Electrical and deal with the ever-reliable Shed5 and S&F Investments Advisers.”
“At over 50,000 sq.ft. with an extensive concrete yard, in the heart of Scotland, the attributes of the property are rarely available in the current market and as such, anticipate strong levels of interest.”
Graham + Sibbald, JLL and Colliers have all been retained as joint letting agents on the building.