Maven sells Bishopbriggs industrial unit for £4.68m
Glasgow-based UK property and private equity manager Maven Capital Partners has sold 111 Westerhill Road, Bishopbriggs, near Glasgow to a joint venture administered by M7, the specialist in Pan-European Real Estate, for £4.687 million, generating a 2.54x return for investors.
The property comprises an industrial unit of 112,000 sq ft situated on Westerhill Business Park, Bishopbriggs, 6 miles to the north of Glasgow. The site extends across 2.94 hectares (7.3 acres), providing a large warehouse/manufacturing area as well as ancillary office space, and substantial car parking for 168 vehicles.
Constructed in 2000, the warehouse is fitted out to a high technical specification and currently serves at the headquarters to former Maven investee John McGavigan Limited.
McGavigan, a global designer and manufacturer of engineered plastic components for the automotive industry, with clients including BMW, Ford, Daimler Benz and Volvo, was itself acquired by CCL Inc, a Toronto Stock Exchange listed global corporation earlier this year.
Andrew Whiteley, partner at Maven, said: “We are delighted with the investment return we have achieved for our investors. 111 Westerhill Road has been a top performing asset within our portfolio, occupied by a tenant we had backed previously through our private equity division. Since we purchased the property four years ago it has generated an attractive rental yield and the recently agreed new ten-year lease with McGavigan provides excellent security for the new owners.”
Euan Burns from M7, added: “The off-market opportunity proved compelling value in the current industrial investment environment, offering attractive fundamentals being let off a low base rent with annual indexation and acquired at a material discount to replacement cost.”
Ryden advised Maven and Burns Property Consultancy acted for M7.