Miller makes disposals in east and west
0 Comments | Scotsman (Edinburgh, Scotland), The, Sept 5, 2000
Byline: KEN HOUSTON
MILLER Developments has concluded two office sales, totalling around pounds 3.5 million, on opposite sides of the country.
One involves Building 1 at Centurion Business Park, Glasgow and the other is Queensferrry House at Carnegie Campus, Dunfermline. Merchant Navy Officers Pension Fund has purchased the 11,000 sq ft Glasgow building, for which Miller, in association with Catren Property Holdings, recently secured four new tenants. Miller Developments will retain an interest in the future development of Phase 3 at Centurion Business Park. The site can accommodate up to 40,000 sq ft on a design and build basis to suit a variety of end users.
Queensferry House has been purchased by The Ptarmigan Partnership. The south wing of the 22,000 sq ft building is currently home to Optos, the specialist opthalmic equipment company.
Selling agents for Miller were Jones Lang LaSalle at Centurion Park and Ryden at Carnegie Campus. DTZ Debenham Tie Leung acted for Merchant Navy OPF and Ptarmigan was represented by King Sturge.
Union St purchase
PHILIPS & Drew Life Ltd, represented by Insignia Richard Ellis, has acquired the feuhold interest in three retail units – let to Mechanised Project Management (Nobles Amusements), Famous Army Stores and HPJ (UK) – in Union Street in Glasgow. The purchase price was pounds 2.5m, which represents a net initial yield of 9.15 per cent. The purchase provides the purchaser with a substantial block of property on one of the main streets in the city centre and Philips & Drew is said to take the view that prospects of rental growth in Union Street are good. Colliers Conrad Ritblat Erdman represented the vendor in the transaction.
NPI’s New Town plan
DCT Properties, represented by NAI Gooch Webster, has purchased 6/8 Wemyss Place, Edinburgh from National Provident Institution for around pounds 1m.
The multi-let office property comprises 10,004 sq ft arranged over five floors of three inter-linked period properties, with a combined passing rent totalling pounds 59,700 pa, which excludes the vacant first floor and front basement of No.8.
Located close to Charlotte Square, the property has been acquired with a potential view to redevelopment when the existing leases expire in approximately three years’ time. In the short term, DCT is refurbishing the vacant accommodation which extends to 3,113 sq ft plus parking and will be offering it to lease on flexible terms.
Insignia Richard Ellis acted on behalf of National Provident Institution.
Honeywell in Hillington sale
ACTING for Honeywell, King Sturge has sold a self-contained industrial building at Hillington, Glasgow, to 3E Resource. The property comprises 14,773 sq ft of warehousing with additional mezzanine areas of 6,770 sq ft. The sale price was pounds 475,000.
Said Douglas Patrick of King Sturge: “That the transaction was concluded without the need for a full-blown marketing campaign shows the attraction of Hillington to a variety of businesses keen to expand or set up in the Glasgow area.”
High St shops
MILVERTON Properties has purchased for pounds 953,000 two retail units on High Street, Kirkcaldy
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