MURPHY Property is to extend its portfolio after receiving a seven-figure funding package from the Royal Bank of Scotland.
The Glasgow-based commercial property firm has acquired Arx House, which is an existing East Kilbride office space, as well as construction space at nearby Stroud Road Trade Park. Both acquisitions are to be let out by the firm.
Arx House – which was formally the East Kilbride Technology centre – will provide for 23,760 square feet of workspace to tenants, whilst the 18,000 square feet commercial development in Stroud Road Trade Park has already pre-let 9,000 square feet to kitchen retailer Magnet, with construction expected to be completed in September 2019.
Glenn Murphy, CEO of Murphy Young Group, said, “These new assets are fantastic additions to our growing portfolio of properties. Arx House is an important asset in the area as it provides potential tenants with a variety of options and is well connected to the surrounding area with brilliant transport links. We will be investing in the property to attract businesses looking for premium office space in a key location.
“There is an increased demand for high quality commercial trade units in Scotland, demonstrated by our pre-let to Magnet and by interest in the remaining spaces.”
Gus Johnstone, relationship director at Royal Bank of Scotland, said, “The Murphy Young Group continues to grow, thanks to its ability to identify and secure prime assets and investment opportunities. Arx House and the Stroud Road Trade Park are solid additions to its already diverse portfolio, and we wish Glenn continued success in the future.”