Scotland


Landmark Business Park on Glasgow’s Southside on the Market for Offers Over £9.5m


DM Hall, one of Scotland’s largest independent firms of chartered surveyors,


is Spiersbridge now Business


marketing Park


in


Thornliebank, alongside joint agent, Lapsley McManus.


The 77,000 sq ft of office and industrial space, just ten miles from


Glasgow city centre,


produces a current annual rent receivable of around £839,000 per annum and at £9.5m, equates to a capital rate of £123 per sq ft.


Conceived, constructed and operated by Scotland-based developers largely from their own resources almost twenty years ago, the business park comprises a business centre, a two-storey office building occupied by East Renfrewshire Council, and a number of industrial units, all of which are fully let.


Jonathan McManus, a partner of Agency at DM Hall said: “Spiersbridge Business Park is a huge success story, providing highly sought-after flexible business space on the southside of Glasgow and little over a mile from the M77. This investment is ideal for new owners seeking secure income.


“The current owners have built a strong product with a waiting list for the space within the estate from interested potential tenants. DM Hall and Lapsley McManus are seeking offers over £9.5m reflecting a yield of 8.28%.”


DM Hall has a network of offices across Scotland and the North of England with the recent addition of new offices in Carlisle and Kendal.


DM Hall Oversees Sale to Investors of Strathclyde Business Park’s Carnbroe House


Leading independent firm of chartered surveyors DM Hall has secured the sale to investors of the heritable interest in Carnbroe House, a 26,003 sq. ft. two storey office building in Finch Way, Strathclyde Business Park, Bellshill ML4 3PE, for just under the asking price of £1.8m.


The property, comprising four modern refurbished office suites, is currently three quarters let to three established businesses, paying a cumulative annual rent of around £225,000, equivalent to a rental per sq. ft of £12.


Strathclyde Business Park is one of the West of Scotland’s premier business park locations, positioned in the heart of Scotland’s central belt. The park is located west of the A725 and south of Shawhead Interchange which links directly to the M8 running east to west and on the M73 linking to the M80 running north.


Jacqueline Towie of DM Hall’s Hamilton office who oversaw the sales process, said: “This represented an exceptional opportunity for an investor to acquire the heritable interest in an established and well-regarded commercial property on the edge of Scotland’s motorway network.


“With its large open plan flexible floorplate, modern LED lighting, double glazed windows on three elevations providing excellent natural daylight, 24-hour building access and dedicated on-site parking, this property provides a comfortable work environment within a highly attractive location for aspiring businesses.


“Our local presence and intimate knowledge of the marketplace


undoubtedly played an important role in the sale of this property and we are delighted to have fulfilled our client’s requirements, by delivering a relatively straightforward sale at an attractive price.”


DM Hall has a network of offices across Scotland and the North of England with the recent addition of new offices in Carlisle and Kendal.


40


This site, which was used as a concrete manufacturing


plant for many years but was closed following a management review, extends to approximately 36 acres with several large industrial buildings as well as a reception building and additional office/changing room facilities.


Jonathan McManus, a Partner in DM Hall, said: “Following an extensive marketing process which generated a high level of interest and culminated in nine offers being received at the closing date, we are delighted to announce the sale of the former Marshall Works facility in Carluke.


“This formerly well-known concrete manufacturing plant will continue to be used for industrial purposes and was acquired by PLPC, an overhead powerline contracting business.”


Located at the junction of the A721 where it meets the B7056, the site is a few minutes from both Carluke town centre and five minutes from the M74 motorway.


DM Hall has a network of offices across Scotland and the North of England with the recent addition of new offices in Carlisle and Kendal.


‘Mission Critical’ Morgan Stanley Glasgow Hub Goes Up For Sale


Glasgow’s 122 Waterloo Street has been put up for sale by its owner – a client of Knight Frank Investment Management – in what could be one of the biggest deals in the city’s office market during 2024.


Knight Frank and Cushman & Wakefield have been jointly appointed to market the prime office premises which is solely occupied by Morgan Stanley and comprises its largest European office


outside of London, with ‘mission critical’ status for its global operations and more than 2,000 staff working at the site. The ground floor also hosts a gym and fitness centre operated by Nuffield Health.


The nine-storey property consists of 156,980 sq. ft. of Grade A office space and is among the city’s most sustainable properties, achieving an Energy Performance Certificate (EPC) A rating and BREEAM ‘Excellent’ certification.


Opened in 2018, 122 Waterloo Street was recognised as Scotland’s ‘top corporate workplace’ in the 2020 British Council for Offices (BCO) awards for features including ergonomic breakout areas, collaboration and meditation spaces, an in-house restaurant, and on-site wellbeing facilities.


John Rae, head of office at Knight Frank Glasgow, said: “122 Waterloo Street is a prime asset located at the heart of Glasgow’s International Financial Services District, backed by a very strong covenant in Morgan Stanley – particularly given its ‘mission critical’ status. Glasgow has seen an upturn in deal activity in the first few months of 2024, so we expect to see a good level of interest, with buyer and vendor expectations moving closer together as interest rates appear likely to stay higher for longer.”


COMMERCIAL PROPERTY MONTHLY 2024


DM Hall Concludes Sale of 36-acre Former Marshall Works in Carluke, South Lanarkshire


Leading Scottish


independent firm of chartered surveyors DM Hall has concluded the sale of the freehold interest in the former Marshall Works manufacturing site near Carluke, South Lanarkshire.


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