Ibrox Business Park – a prime multi-let industrial estate in Glasgow – has changed hands in the largest single industrial estate transaction in Glasgow in 2021.
Buccleuch Property Group has sold the estate to Mileway, the leading pan-European last mile logistics real estate company. The successful sale reflects the strength of the industrial occupational and investment markets in the West of Scotland.
The estate is situated to the west of Glasgow city centre, just off Junction 24 of the M8 Motorway and comprises a prime industrial estate of 78,674 sq ft arranged in 22 modern units, which was fully let at the time of sale.
Philip Eves, director of Buccleuch Property who acquired, asset managed and oversaw the disposal of the estate, commented:
“We have worked hard over the past six years to enhance the estate through acquiring an adjoining ownership, relocating tenants and improving the overall appearance of the property.
“The occupational market in this location remains strong and the units are very popular with tenants who, during our period of ownership, preferred to relocate into larger units within the estate than move to a different location. Following the sale, we are seeking new investment opportunities to redeploy our capital.”
Buccleuch were advised by Archer Property Consultants and Ryden; Mileway were advised by Graham and Sibbald.
