The Galbraith investment team have concluded the sale of Galabank Business and Trade Park, Galashiels on behalf of Abercastle Investments. Following formal marketing and receiving competitive bids pre-lockdown, the park was sold to M7 Real Estate for £8.60m.
Galabank Business Park and Trade Park, which comprises a modern HQ office building, a multi-let office and a trade park, is let to occupiers such as Kyowa Kirin International PLC, Momentum Scotland, Cube (GB) Ltd, Jewson, City Plumbing Supplies, City Electrical Factors, Rexel UK and Dingbro, providing an average unexpired lease term of over 6 years and producing a rent in the region of £887,000 p.a.
Jamie Thain of Galbraith commented:
“The investment attracted good interest due to its significance within the location, quality of accommodation and strong tenant line up. It not only provides high quality modern office accommodation within the town but has also attracted many of the UK’s largest trade counter operators who have clustered within the park and trade well from it due to Galashiels’ central geographical location within the Scottish Borders. It is a clear example of continued investor appetite for well-presented investments with ongoing asset management potential, even in these unprecedented times.”
Galbraith and Morton Fraser advised Abercastle Investments Limited. Colliers International and DWF advised M7 Real Estate.