Fusion Assets is delighted to announce the sale of its completed development at Western Campus, Strathclyde Business Park, to Stenprop Ltd – a UK listed property investment company.
Western Campus was developed through a joint venture with Glasgow based CBC with loan finance provided through SPRUCE – the urban regeneration fund established by the Scottish Government and European Investment Bank.
The scheme was completed in 2016 and comprises a multi-let industrial estate of 13 units totalling 44,000 sqft with a range of national and local occupiers including Stothers, GTC, Ainscough Industrial Services, National Oilwell Vargo and Air Link Systems. In total there are some 150 people working in Western Campus with three units still vacant.
The development was sold for £4.6m and the price reflects a net initial yield of 6.8% on the purchase price. Ryden represented Central Assets (Scotland) LLP – the joint venture company between CBC and Fusion Assets, and Stenprop was represented by Colliers International.
Murray Collins, Managing Director of Fusion Assets stated “the investment sale represents another successful outcome in line with our business strategy, once again working in partnership with CBC and Amber Infrastructure – the SPRUCE fund managers who arranged the initial loan. The disposal of Western Campus will allow the SPRUCE loan to be repaid and the receipts generated by Fusion Assets to be recycled in further development activity brining more jobs and investment into North Lanarkshire”
Western Campus is the second industrial estate to be successfully developed and sold by a joint venture between CBC and Fusion Assets, following the disposal of Dundyvan Enterprise Park, Coatbridge in 2017.