30th July 2013 back to news

£3m office investment acquired for Castel Commercial

£3m office investment acquired for Castel Commercial

The prime office property in Almondvale Business Park, Livingston was acquired last week, 26th July 2013 for £3 million.  Acting on behalf of purchaser The Castel Commercial Property Fund, Graham + Sibbald sourced and negotiated this acquisition ‘off market’ along with Ambassador Group.

The Grade A office was developed in 2001 and provides open plan space over three levels with 132 dedicated parking spaces. The 30,000 sq ft property is currently fully let to HMRC.

Aston Property Ventures is the property advisor to fund and identified this property as suitable because of its prime location and secure government rental income. Tim Keig at Aston Property Ventures, said: “On behalf of the fund, we’re seeking to identify investment opportunities across the whole spectrum of commercial property that provide scope to add value”

Graham + Sibbald acted as the buyer’s agent.

Sandy Gilmour, Investment Specialist at Graham + Sibbald, commented: “The excellent town centre location and the fact that the building is fully occupied by a committed government department all added up to an extremely attractive investment proposition for the fund. The price paid reflects a net initial yield of 14.79%.”