National property and investment company LCP has acquired 24 properties in an industrial estate in Scotland – its ninth acquisition in the country in the past few months.
The £3.1 million investment for the multi-let industrial holding at Southfield Industrial Estate in Glenrothes comes as the company, which is based in Pensnett, West Midlands, continues its programme of growing its portfolio in Scotland.
The units at Southfield range in size from 941 sq ft to 10,000 sq ft and altogether provide 234,148 sq ft of accommodation. The premises are let to 21 different companies, providing a rental income of £465,661.
This year, LCP has opened its first Scotland headquarters in Glasgow and has invested millions of pounds acquiring nine portfolios comprising 48 industrial retail units – totalling 346,810sq ft of real estate – as it focuses on the commercial property sector in the country.
James Buchanan, LCP investment director, said it was keen to secure this latest investment because of the asset management opportunities, which include lease re-gears and potential sales of units to tenants.
“This is a key acquisition in an increasingly important region for the company,” he said. “Our team of pro-active asset managers is now examining ways in which we can add value to the properties for the benefit of local businesses. They will also be using their extensive knowledge to attract tenants to the four units that are currently vacant as part of their marketing campaign.”
The four units that are available range from 2,410 sq ft to 19,242 sq ft and are suitable for a range of uses, including industrial.