AN industrial property in Hamilton has been sold in a multi-million-pound deal.
HFD Group, the commercial property group that developed the Grade A 177 Bothwell Street in Glasgow, has acquired 4 Bell Drive at Hamilton International Park for £4.5 million.
The building spans 36,055 square feet and includes a mix of offices, warehouse, and outdoor yard. It is currently occupied by Galaxy Insulation and Dry Lining, a specialist in energy efficient thermal and acoustic insulation and fire protection materials.
HFD acquired the property from Wemyss Properties, which recently refurbished the asset in conjunction with Rankeilour Properties.
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The project involved the removal of the mezzanine floor and creation of a new concrete yard. Galaxy moved into the property in November in what was the opening of its first branch in Scotland, signing a 15-year CPI-linked lease on the building.
HFD, which sold 177 Bothwell Street to a Spanish investment firm for £215m last year, has managed Hamilton International park since 2008, and has positioned it as one of Scotland’s leading business park locations. The park is now fully developed following the completion of HFD’s EcoCampus, and is now home to more than 80 businesses employing in excess of 6,000 people.
Elliot Cumming, property director at HFD Property Group, said: “The recent upgrades made to the property, the strong occupier interest and subsequent long-term lease made 4 Bell Drive an attractive proposition.
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"HFD’s history at Hamilton International Park as master developer and promoter made the investment decision all the easier. As a developer we are committed to the environment and sustainability, and the fact that the unit’s occupier provide energy efficient materials for the construction sector is well aligned with our own goals.”
Jamie Fergusson, director of Rankeilour Properties, added: “Investment and rental demand remains high for industrial properties across Scotland. Ultimately, the refurbishment property provided Galaxy with the confidence to commit to a long-term lease. We are pleased to secure the sale to HFD which brings a successful end to our business plan, following the vacant possession purchase of the unit in 2022.”
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