Leading real estate advisor CBRE has announced it has completed the sale of The Arc in Hillington Park.
The asset was purchased by Danobe securities for £2.4million, represented by Ryden. The vendor was a private client of the asset manager, HKIP.
The Arc comprises seven, single storey, self-contained office suites arranged in a curved terrace. The buildings total 21,128 sq ft with individual unit sizes ranging from 2,454 sq ft to 3,853 sq ft. It is fully let to seven tenants including Sally Salon Services, GE Energy Power Conversion and FES FM.
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 more than 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 amenities provided within Braehead Shopping Centre and the surrounding area.
Martyn Brown, Director at CBRE, said: “We are thrilled to have completed the off-market sale of The Arc on behalf of our client, representing a rarely available opportunity to acquire a fully let, high-yielding office investment situated in Glasgow’s dominant out of town business park.”
Ian Dougherty, partner from Ryden, added: “Ryden has been involved with The Arc on the letting side for a number of years and we know the scheme’s popularity with occupiers. This acquisition provides an attractive income yield for Danobe bearing in mind the quality of the asset and income stream.”
CBRE acted for the vendor, a private investor, in the transaction whilst Ryden represented the purchaser, Danobe.