Avison Young secures sale of sought-after Bearsden office building10 Dec 2019
High demand for a purpose-built office building in one of Glasgow’s most affluent suburbs has resulted in the site selling for more than £2.2million within just two months of going on the market.
The sale of Canniesburn Gate in Bearsden, East Dunbartonshire, was secured by Avison Young with the agreed sale price achieved almost 40% over asking. Originally seeking offers in excess of £1.6m, the property was sold to private investor, Laurel Properties, for £2.23m reflecting a net initial yield of 8.73%. Extending to 13,469 sq ft, the building is fully-let to Golden Charter, one of the UK’s leading funeral plan providers and who occupy the building as the head office for their UK operations.
Michael Facenna, Associate in the Business Space department at Avison Young in Glasgow, acted on behalf of the vendor, The Golden Charter Trust Limited, and said: “The high level of interest in Canniesburn Gate underlines the long-term investment and potential redevelopment opportunity for this single-let office in one of Glasgow’s most popular suburbs. In a wider context, and against the current economic and political backdrop, the sale also reflects the fact there is still strong demand for well let, secure investment opportunities.”
Leo Gaughan, Executive Director at The Golden Charter Trust Limited, said: “We are delighted with the sale price achieved and with the quality and speed of the marketing and sales process”.
Laurel Properties was advised by Andy Saunders, of AJS Property Consultants, who said: “My client is extremely pleased to have secured the property, particularly in a competitive situation. The asset is a strategic purchase for Laurel Properties as it provides a good return and has excellent underlying property fundamentals.”
Located on the site of the former Canniesburn Hospital, Canniesburn Gate spans more than 13,400 sq ft (1,200 sq m) with 29 on-site parking spaces. The property, which is about six miles north-west of Glasgow, is situated off the A739 Switchback Road and close to the A81 Maryhill Road.