Easdale Brothers expand property portfolio with Inverclyde industrial estate acquisition

Easdale Brothers expand property portfolio with Inverclyde industrial estate acquisition

Kingston Industrial Estate (credit: Bowman Rebecchi)

Sandy and James Easdale have expanded their commercial property holdings with the acquisition of Kingston Industrial Estate in Inverclyde from Peel Waters Limited, the property development arm of Peel Group, for an undisclosed sum.

The estate at Port Glasgow is located at Kingston Dock, adjacent to the A8 and Gallagher Retail Park.

Comprising 19 industrial units in total, it is currently 95% occupied, with several of the current tenants located at Kingston Dock for 10 or more years, with the units ranging from 532 to 3,387 square feet.

Purchased through the Easdales’ Dalglen Investments vehicle, Kingston Industrial Estate sits between Cappielow Industrial Estate and Bogston Industrial Estate, also both owned by Dalglen.

Alan Stewart at Breck Sutherland acted for Dalglen in brokering the deal whilst property firm Bowman Rebecchi will now support the overall letting and management of the estate.

Easdale Brothers expand property portfolio with Inverclyde industrial estate acquisition

James and Sandy Easdale

The Easdales said that they were still looking for further opportunities to add to their property investments.

Sandy Easdale said: “We are pleased to conclude this deal and bring Kingston Industrial Estate into our broader property portfolio.

“Industrial estates such as Kingston are vital commercial properties, providing flexible accommodation to a range of small and medium sized enterprises which enables them to generate economic activity for the local region.

“We are currently examining options for further property purchases, including industrial and business park purchases, and we expect progress on that soon.”

Earlier this month, approval was also granted by Inverclyde Council for the Easdale Investment Group to create 47 new homes at the site of the former Tate & Lyle factory in Greenock as part of a new £15 million development.

James Easdale said: “We’d like to thank Peel Waters Ltd for their support during the negotiations and we continue to develop a good working relationship together.

“Kingston Industrial Estate has hosted an excellent range of tenants over the last decade and more and is a vital site for local employment and commercial activity.

“Property and construction investments in the UK are consistently presenting themselves and we have been delighted to be making progress with our housing developments at the former IBM and Tate & Lyle sites in Greenock. We’re also hoping that we will also soon see positive movement on some of our other housing and leisure investments too.”

Brian Lavalette, property director at Glasgow Waters, said: “We have been delighted to work in partnership with Dalglen Investments in the sale of this property which will further strengthen and enhance their property portfolio in the area.

“The site is almost fully let, and Dalglen Investments acquisition will inevitably retain and attract further tenants to the site creating more opportunities in the local area.

“We thank Dalglen for the swift and professional manner the transaction was undertaken.”

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