By Ian McConnell
FIVE offices buildings in Hillington Park on the outskirts of Glasgow have been bought by the Scottish-based Hamilton Kelly Investment Partnership (HKIP) for more than £6 million.
This “Hunter portfolio” of office buildings totalling 91,858 sq ft covers a “range of occupancy styles”, including traditional open-plan offices, single-storey pavilions and serviced offices, real estate advisor CBRE noted.
CBRE acted for Glasgow-based HKIP, formed in 2008 as a joint venture between Stephen Kelly and private equity investment office The Hamilton Portfolio, in the purchase of the buildings from Frasers Property, a Singaporean real estate investment trust.
CBRE declared the deal showed there was “robust investor interest for good quality assets in the Scottish marketplace” in spite of the effects of the pandemic.
The existing tenants of the office buildings include the Scottish Ministers, GE Energy, Schenker, Beeks Financial, IQA Operations Group and FES FM.
Martyn Brown, director from CBRE, said: “It is great to have completed the purchase of this interesting portfolio on behalf of HKIP, representing an opportunity to acquire a substantial office holding on Glasgow’s premier mixed-use business park.
“HKIP has made a considerable investment into Hillington Park, demonstrating that despite the effects of the pandemic and political headwinds, there continues to be robust investor interest for good-quality assets in the Scottish marketplace.”
He added: “We expect to see a continued trend from occupiers seeking good quality office space on flexible lease terms in out-of-town locations such as Hillington. All assets in the portfolio have maintained a steady occupancy position over the last few years and there are significant opportunities to add value through actively letting the remaining vacant space and re-gearing existing leases.”
Ryden acted on behalf of Frasers Property.
Ian Dougherty, partner of Ryden, added: “This portfolio sale is the final stage in Frasers Property's strategy of selling its office assets in Hillington Park, following previous sales of Merlin Business Centre and Carlson House. The focus is now on new industrial development as evidenced by the ongoing schemes at Hillington West 100 and 200.”
The 420-acre Hillington Park, between Glasgow city centre and Glasgow Airport, is home to more than 500 businesses.
It has its own retail centre, restaurants, nursery and gym facilities, CBRE noted.
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