Leading real estate advisor CBRE has announced it has completed the purchase of the Hunter Portfolio in Hillington Park, Glasgow on behalf of HKIP for in excess of £6million.
The portfolio comprises five office buildings totaling 91,858 sq ft and covers a range of occupancy styles, including traditional open plan offices, single-storey pavilions and serviced offices. The existing tenants include Scottish Ministers, GE Energy, Schenker, Beeks Financial, IQA Operations Group and FES FM.
Commenting, Martyn Brown, director from CBRE, said: “It is great to have completed the purchase of this interesting portfolio on behalf of HKIP, representing an opportunity to acquire a substantial office holding on Glasgow’s premier mixed-use business park.
“HKIP has made a considerable investment into Hillington Park, demonstrating that despite the effects of the pandemic and political headwinds, there continues to be robust investor interest for good quality assets in the Scottish marketplace.
“We expect to see a continued trend from occupiers seeking good quality office space on flexible lease terms in out-of-town locations such as Hillington. All assets in the portfolio have maintained a steady occupancy position over the last few years and there are significant opportunities to add value through actively letting the remaining vacant space and regearing existing leases.”
Ian Dougherty, partner from Ryden, added: “This portfolio sale is the final stage in Frasers Property’s strategy of selling its office assets in Hillington Park, following previous sales of Merlin Business Centre and Carlson House. The focus is now on new industrial development as evidenced by the ongoing schemes at Hillington West 100 and 200.”
Hillington Park is widely recognised as Glasgow’s premier business destination located between Glasgow city centre and Glasgow International Airport. The 420-acre park is home to over 500 businesses, employs in excess of 8,000 people and provides around 4million sq ft of business space. It benefits from its own retail centre, restaurants, nursery and gym facilities, in addition to the significant facilities provided within Braehead Shopping Centre and surrounding area.
CBRE acted for HKIP in the transaction whilst Ryden represented the vendor Frasers Property.