Office Portfolio

Local government let office
Cambuslang, Glasgow
Description
Purpose built local government office
Size
36,000 sq ft
Acquisition Structure
Built
Date Acquired
January 2019
Rent Review
Fixed uplifts of 2.5% pa
Tenant Guarantor
South Lanarkshire Council
Lease Term
20 years, without break
Disposal
In October 2020 The Company sold its sole office, a long-let property in Cambuslang, Glasgow occupied by the local council, to a specialist REIT for £8 million which reflects a low exit yield of 4.2%. The disposal pricing reflects a premium of 17% to purchase price and generates an attractive geared IRR of over 16% per annum (double the Company's 8% per annum target return).