SCOTS commercial property company HFD has acquired an industrial building at Hamilton International Park, in a deal valued at £4.5 million.
The 36,055 sq. ft. unit is occupied by Galaxy Insulation and Dry Lining – a specialist in energy-efficient thermal and acoustic insulation and fire protection materials.
Sold by Wemyss Properties, who refurbished the asset in conjunction with Rankleiour Properties, the building includes a mix of offices, warehouse and outdoor yard space.
Wemyss and Rankeilour recently carried out an extensive refurbishment of the property, which included the removal of a mezzanine floor and creation of a new concrete yard.
Following strong occupier interest, Galaxy agreed a 15-year CPI-linked lease. The business moved into the unit in November 2022, opening its first Scottish branch.
HFD has managed Hamilton International Park since 2008, repositioning it as one of Scotland’s premier business park locations.
Following completion of HFD’s EcoCampus development, the business park is fully developed and is home to more than 80 businesses employing over 6,000 people.
HFD was self-represented, while Colliers and Gilfillan Property Services acted for the seller, with the deal representing a net-initial-yield of 6.05%.
Elliot Cumming, property director at HFD Property Group, said: “The recent upgrades made to the property, the strong occupier interest and subsequent long-term lease made 4 Bell Drive an attractive proposition.
“HFD’s history at Hamilton International Park as master developer and promoter made the investment decision all the easier.
“As a developer we are committed to the environment and sustainability, and the fact that the unit’s occupier provide energy efficient materials for the construction sector is well aligned with our own goals.”
Jamie Fergusson, director of Rankeilour Properties, added: “Investment and rental demand remains high for industrial properties across Scotland.
“Ultimately, the refurbishment property provided Galaxy with the confidence to commit to a long-term lease.
“We are pleased to secure the sale to HFD which brings a successful end to our business plan, following the vacant possession purchase of the unit in 2022.”