Acting on behalf of Peter Stevens Estates Ltd, Reith Lambert has advised on the acquisition of 25 Eagle Street, Glasgow, on a sale and leaseback basis. The property is let to Elmwood Projects Ltd for 15 years (TBO year 10) at a passing rent of £114,400 pa (£6.25 psf).
The purchase price of £1,200,000 reflected a net initial yield of 9.04% and a capital value of £65.53 psf.
We are delighted to have acted on behalf of Peter Stevens Estates on this acquisition. The purchase fits with their strategy of acquiring well located industrial assets with minimal ongoing management involvement. They have an active requirement for similar properties.