Buccleuch Property has further strengthened its commercial property portfolio with the purchase of a substantial industrial unit at Oakbank Industrial Estate, Livingston.
The purchase of unit 4 – 6 Oakbank Park Place reflects a net initial yield of 9.9%.
A modern property on a standalone site, the industrial unit extends across 52,828 sq ft and has been divided internally to create two separate units, both encompassing over 25,000 sq ft with the benefit of office accommodation.
A steel portal frame construction, the property provides warehouse accommodation. Unit 4 has been extensively fitted out with floor to ceiling racking and a lean-to single-story office accommodation, while unit 6 benefits from three electric roller shutter doors and two raised loading bays.
The site also provides tenants with extra security, thanks to a 2m high perimeter fence, yard lighting and 24 hour monitored CCTV cameras.
The property is currently let and generates an annual rent in excess of £311,000.
Located 17 miles west of Edinburgh and 34 miles east of Glasgow, Livingston benefits from excellent transport links and two local train stations which serve main railway lines. Due to the property’s location just two miles south of Livingston town centre, tenants will also benefit from quick access to the M8 and close proximity to Edinburgh airport.
Philip Eves, Director at Buccleuch Property, said: “We are invested in providing high quality units for organisations and, at a time when industrial property across the central belt is in high occupational demand, we believe the facilities at Oakbank will deliver exactly that.
“As we continue to expand our commercial property portfolio, we are always looking for new and exciting investment and development opportunities across the UK.”
Buccleuch Property was advised by Alan Herriot at Ryden on the purchase who said: “Given the continued diminishing supply of modern industrial accommodation, together with the premises’ flexibility to accommodate a variety of end users and close proximity to Edinburgh and major motorway networks, the capital rate of £57 per square foot would appear to be good value.”