Partner Article

Scottish investor snaps up Newcastle industrial development in £2.55m swoop

Edinburgh property investor and developer Buccleuch has snapped up a 40,000 sq. ft. industrial unit in Newcastle, as part of a £4m acquisition trail to bring three UK sites under its banner.

Citing Newcastle as a key location for industrial development investment, the business has acquired the unit in Longbenton’s Balliol Business Park for £2.55m

The detached site, currently let to Royal Mail Group on a 5-year lease, is set across two floors, a warehouse and concrete yard, with the added benefit of 54 car parking spaces.

With offices in Edinburgh and London, Buccleuch Property has a market exposure of circa £250m through a UK wide investment portfolio, a commercial development pipeline in excess of 2 million sq. ft. and a strategic land portfolio with over 10,000 consented housing units.

In its latest move, the business has also acquired a West Midlands site for £1.575m as well as a site in Glasgow for £975k.

Philip Eves, Director at Buccleuch Property, said: “The industrial property market is buoyant, with growing tenant demand for modern accommodation. This sits against a back drop of restricted supply and development pipeline.

“These three acquisitions lie in desirable industrial locations, with good transport links, strong initial yield income profile and good potential for rental growth. We continue to seek more deals of this nature.”

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