Ibrox Business Park Transaction Completes A Hat-trick of Deals for Graham + Sibbald Capital Markets Team

Chartered Surveyors and Property Consultants, Graham + Sibbald, are delighted to announce that their Capital Markets Team, led by Stuart Low, have recently completed three high-level commercial property transactions – one of which has been named as the largest industrial transaction in Glasgow for 2021.

With transactions totalling in excess of an impressive £29m, the team have reported a record quarter with more coming down the line as the business continues on an upward growth trajectory, with increasing business levels across the board.

The three deals comprise;

  • Sale of 7 Drum Mains, Cumbernauld to a JV fronted by Citivale Limited on behalf Shed5 – Skyrora European Rocket company
  • Sale of Ward Park Studios to Hackman Capital on behalf of Terry Thomson – Outlander Film Studio
  • The purchase of Ibrox Business Park from Buccleuch Estate on behalf of Mileway – Industrial Multi let

An exciting opportunity within Cumbernauld, 7 Drum Mains Park is over 51,000 sq ft of industrial space set within 1.29 Acres of land. G+S managed to secured Skyrora as a tenant and worked with their Joint agents JLL to secure the sale to a Citivale Joint Venture (represented by Gerald Eve) on behalf of their client Shed5. This proved to be a great result for all involved.

Rebecca Farnsworth, Head of Investment at Citivale, said;  “We are very pleased with the acquisition of Skyrora in Cumbernauld as it offers the right blend of location and tenant profile to complement the existing portfolio. Again, Citivale have shown the combination of local and specialist knowledge combined with professional, diligent and analytical style enables us to move quickly to secure deals. We continue to be acquisitive.”

After becoming home to ‘Outlander’ back in 2013, Ward Park Studios was sold in November 2021. The extensive complex boasts more than 200,000 sq ft of studio space across a 14 Acre campus, which includes five sound stages, production offices, workshops and an external green screen.

Michael Hackman, founder of Hackman Capital Partners, said; “We’re thrilled to be adding Wardpark to our distinguished portfolio and excited to be entering the Scottish production market. Wardpark has been a strong catalyst for growth in the country’s creative sector and Scotland has become an important filming destination for international content creators, thanks in part to its lush landscape and scenery and competitive tax credits, as well as its top talent pool.”

Ibrox Business Park is situated to the west of Glasgow city centre, just off Junction 24 of the M8 Motorway and comprises a prime industrial estate of 78,674 sq ft arranged in 22 modern units, which was fully let at the time of sale.

Graham + Sibbald Director, Stuart Low, commented; “It was great to act for Mileway on the acquisition and given the demand and rental growth being seen in the industrial sector, assets like Ibrox Business Park will only go from strength to strength. Additionally, it was a pleasure to work with Derek Archer of Archer Property and Ryden to ensure we got this one across the line. It is great to see G+S, making their mark and being involved in the biggest industrial transaction in Glasgow in 2021.”

With over 240 employees and 23 partners working across its 18 UK offices across Scotland and England, Graham + Sibbald are well placed to provide strategic advice in relation to the acquisition, disposal and investment of commercial property and more. Please go to www.g-s.co.uk for our full list of services.