A BUSINESS asset on the outskirts of Glasgow has been sold for £2.4m.

Real estate advisor CBRE has announced it has completed the sale of The Arc in Hillington Park.

The asset was purchased by Danobe Securities, represented by Ryden. The vendor was a private client of the asset manager, HKIP.

The Arc comprises seven, single-storey, self-contained office suites arranged in a curved terrace.

The buildings total 21,128 sq ft with individual unit sizes ranging from 2,454 sq ft to 3,853 sq ft. It is fully let to seven tenants including Sally Salon Services, GE Energy Power Conversion and FES FM.

The 420-acre park is home to over 500 businesses, employs more than 8,000 people and provides around four million sq ft of business space.

Martyn Brown, director at CBRE, said: “We are thrilled to have completed the off-market sale of The Arc on behalf of our client, representing a rarely available opportunity to acquire a fully let, high-yielding office investment situated in Glasgow’s dominant out-of-town business park.”

Ian Dougherty, partner from Ryden, said: “Ryden has been involved with The Arc on the letting side for a number of years and we know the scheme’s popularity with occupiers. This acquisition provides an attractive income yield for Danobe bearing in mind the quality of the asset and income stream.”

CBRE acted for the vendor, a private investor, in the transaction whilst Ryden represented the purchaser, Danobe.

Scottish firms call for rates freeze to match UK

FIRMS from an array of industries have appealed for a freeze on business rates in an “unequivocal” letter to Scotland’s interim Finance Secretary.

Nineteen business groups from the retail, financial, property, whisky, wholesale, engineering, construction, manufacturing, hospitality and leisure sectors are urging the Scottish Government to follow the UK’s lead and suspend any increase in business rates – the equivalent of council tax on a residential property – during the coming year.

​Rise in Buckfast sales drives up profits at distributor

THE company which distributes Buckfast, the controversial tonic wine, has reported a rise in profits as it continued to feel the effects of the pandemic and came under pressure from rising costs.

J Chandler & Company (Buckfast) increased pre-tax profits to £4.2 million from £3.6m in the year ended March 31, accounts newly filed at Companies House show.

David Lloyd Edinburgh Shawfair development under way

WORK is under way on David Lloyd Leisure’s new gym at Shawfair in Midlothian, which is expected to create up to 75 jobs.

Construction began last month on the club, which will feature a “100-plus station gym” and will also include spa facilities.

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