Ryden, acting on behalf of Tritax Industrial 2 LP, acquired units 15-25 Denmore Industrial Estate in Bridge of Don from Hampshire County Council for £4.2m. The price reflects a net initial yield of around 8%.
The multi-let terraced unit estate extends to 53,100 sq ft and is fully let to eight tenants including Eurocell, Caprock and Greco Subsea.
Ken Shaw, Partner at Ryden said: “Our client was keen to acquire a property in Aberdeen in order to take advantage of the strong local economy and its prospects for further rental growth. Denmore is an excellent investment, as it is a well established and popular estate with the potential to provide opportunities to increase returns in the coming years through asset management initiatives."
Paul Jenkins, Director at Cedarwood confirmed: “We really like the Aberdeen market. There are limited voids, potential for rental growth, and with recent oil discoveries, ongoing strong demand for accommodation. We see this as a very safe place for our investors.”
Anthony Wyld, Head of Marketing at Tritax commented: “The purchase of Denmore has offered the private investors and SIPPs who invested in Tritax Industrial 2 LP the chance to benefit from an income of 7.25% pa plus potential growth of around 5% pa over the five year term, which are compelling reasons to invest in the current lackluster economic environment.”
King Sturge acted for the vendor.
Notes to Editors
Ryden is an independent commercial property firm operating a full-service practice. Service lines include Agency & Development, Investment & Finance, Professional, Building Consultancy, Property Management and Consulting.
The firm is headed by Fiona Morton, Managing Partner, with around 140 people, including 30 partners and 19 associates.
Ryden has offices in Edinburgh, Glasgow, Aberdeen, Leeds, Dundee and Inverness.
Some recent awards include:
• Property Week’s Industrial Agency Team of the Year (Scotland) 2009
• EGi’s Most Active Agent in Scotland 2009
• EGi’s Most Active Industrial & Distribution Agent in Scotland 2009
• EGi’s Most Active Office Agent in Scotland 2009
For more information see www.ryden.co.uk
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Ryden is the largest independent commercial property consultancy in Scotland and the North of England. We have 33 Partners and over 140 staff across six offices in Edinburgh, Glasgow, Aberdeen, Leeds, Dundee and Inverness.