Acting on behalf of MCR Property Group, Graham + Sibbald, acting jointly with Knight Frank have successfully sold Kingsway Park, an industrial investment on Whittle Place, Dundee. The substantial industrial park, extending to 97,014 sq. ft. contained on a site of circa 6.4 Acres had a rental income of £213,500 pa and sold at closing date after a marketing campaign that drew interest from national investors. The subjects were eventually sold to an Industrial Investment company based in England.
Graham + Sibbald’s Commercial Associate Grant Robertson commented: “We are delighted to have secured this sale for our clients. Our joint marketing campaign generated strong levels of interest in a market that has recently shown increased levels of activity within primarily the central belt. This sale, at a level above the asking price, shows that confidence is returning to the industrial sector and proof that Dundee which is undergoing such a significant regeneration is now firmly on the national map”.
Gregor King, Asset Manager (Scotland) of MCR Property Group, commented on the sale: “Kingsway Park was MCR’s first commercial investment in Scotland. Following refurbishment of previously unlettable space, it has proved highly profitable, combining both the re-gearing of a number of existing leases with new lettings to increase income by over 60%. This was achieved in less than 18 months and demonstrates MCR Property Group’s strength in active asset management and development while minimising risk. We are indebted to Graham + Sibbald for their hard work on the lettings agency and for achieving an excellent result on the investment sale alongside Knight Frank.”