The property, Orbital House, is situated in Peel Park business park, the largest town in Scotland, and was purchased by an investment entity backed by HKIP. The acquisition was facilitated by commercial property consultancy Knight Frank on behalf of the buyer, and it represents a net initial yield of 15%.

The building comprises 69,358 sq. ft. of office space and has strong sustainability credentials after undergoing a recent refurbishment – achieving an EPC rating of A. Its current occupiers include Veolia, Close Brothers, and Target Healthcare.

Douglas Binnie, capital markets partner at Knight Frank Glasgow, said: “There was a strong level of interest in Orbital House, with multiple bids from investors.

“The 15% yield is attractive, but the asset also benefits from relatively limited local competition and has a number of great features – particularly after its recent refurbishment.

“There is an increasing level of investor interest in quality business park assets in Scotland’s central belt, as occupier activity picks up and very limited new stock is coming through in the development pipeline.”