Hurstwood Holdings has continued its Scottish acquisition trail with the purchase of a 20,179 sq ft office building on Almondvale Business Park in Livingston.
The Manchester-headquartered company agreed to buy the property, Lauder House, for an undisclosed sum. It had a net initial yield of circa 12.5%, prior to it going to Allsop’s auction.
The two-storey building sits on a 2.7 acre site, with around 90 car parking spaces and is situated just off the M4 between Edinburgh and Glasgow.
It is fully let to existing occupier, GE Capital, until 2030.
Stephen Ashworth, chairman and chief executive of Hurstwood Holdings, comments: “Scotland has become a key focus area for growth in our portfolio and this is the sixth large commercial property that we now own in the region.
“Owing to our exceptional proven track record with Allsop’s, we were able to agree a deal on the purchase of this property quickly, completing the purchase in only four weeks from exchange.”
Hurstwood is a commercial and residential group with more than £200m of commercial investment assets on more than 120 sites nationwide, housing almost 1,000 occupier clients.
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