BUCCLEUCH Property has made a trio of industrial acquisitions totalling more than £4 million, including two buildings in the Ibrox area of Glasgow.

The Edinburgh-based developer has spent £2.55m on a 40,232 sq ft unit in Balliol Business Park in Newcastle for £2.55m representing an initial yield of 8.2 per cent. The unit is let to Royal Mail Group on a five-year lease.

In the West Midlands, Buccleuch has acquired Lye Business Centre, a 32-unit industrial estate spanning 22,841 sq ft, for £1.58m representing an initial yield of 7.5 per cent. Currently 29 out of the site’s 32 units are let.

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In Glasgow, four terraces of 12 industrial units spanning two buildings totalling 12,565 sq ft at Brand Street, Ibrox in Glasgow have been acquired for £975,000 representing an initial yield of approximately 9.25 per cent.

Philip Eves, director at Buccleuch Property, said the company was seeking more deals of a similar nature.

“The industrial property market is buoyant. This sits against a back drop of restricted supply and development pipeline,” he commented.