CLYDE Gateway Trade Park in Rutherglen has been acquired for £2.35 million by a multi-let industrial property investment fund.
The acquisition marks the first deal completed in Scotland by the fund, which is managed by JR Capital and Chancerygate.
Comprising four units ranging in size from 5,000 sq ft to 7,000 sq ft, the trade park is located on Dalmarnock Road in the heart of the Clyde Gateway regeneration area. The current occupiers at the development are Evolution Fastners, a manufacturer of fasteners for the construction industry and vehicle conversion specialist Allied Vehicles.
Michael Ferris, JR Capital head of investments, said, “We are pleased to have completed our first site acquisition in Scotland and added Clyde Gateway Trade Park to our growing portfolio. The investment helps us gain access to an important market with strong underlying fundamentals. We have a strong appetite to invest in the industrial property market and are looking forward to an active year as we aim to expand our portfolio across Scotland and the UK.”
The fund has a further £50 million to spend over the next 12 months and intends to raise additional capital. It is targeting multi-let industrial investments across the UK.
Chancerygate asset manager, David Tyson, added, “This investment is indicative of the confidence we have in Scotland’s industrial property market, with growing demand for high quality light industrial and warehousing set to sustain thanks to the strong diversity of demand in the market. Clyde Gateway Trade Park presented us with a good opportunity to enhance the geographical spread of our portfolio. The deal is a great way to kick off a year in which we’ll be looking to further expand the range of industrial property assets in the fund’s portfolio.”
Chancerygate is also a multi-unit industrial developer with 22 sites. At the end of last year, the company announced it had exchanged contracts to acquire a 7.5-acre site in Sighthill, Edinburgh.
Subject to planning, Chancerygate and its joint venture partner, Bridges Fund Management, will redevelop the site to deliver 165,000 sq ft of industrial and warehousing space across 20 units.