Hurstwood have continued it's Scottish acquisition trail following the purchase of a 20,179 sq ft office building on Almondvale Business Park in Livingstone.
Lauder House was purchased for an undisclosed sum but with a net initial yield of circa 12.5%, prior to it going to Allsop’s auction.
The two-storey building sits on a 2.7 acre site with over 90 car parking spaces and is situated just off the M4 between Edinburgh and Glasgow. It is fully let to existing occupier, GE Capital until 2030.
Stephen Ashworth, Chairman and CEO of Hurstwood Holdings, comments: “Scotland has become a key focus area for growth in our portfolio and this is the sixth large commercial property that we now own in the region. Owing to our exceptional proven track record with Allsop’s, we were able to agree a deal on the purchase of this property quickly, completing the purchase in only four weeks from exchange. The building has a fantastic covenant and is a great addition to our long term investment portfolio.
Together Money provided the funding for the deal. Gateley were the legal advisors.
