Buccleuch Property has successfully completed the sale of Kingstown Trade Park in Carlisle on behalf of the Buccleuch Living Heritage Trust. The multi-let trade counter investment was acquired by a private investor for in excess of the £5m asking price.
The disposal concludes more than 20 years of ownership, during which a series of strategic asset management initiatives transformed the property. Located in Carlisle’s premier commercial hub, Kingstown Industrial Estate, the Park comprises 15 trade counter and industrial units extending to 77,406 sq ft boasts a robust tenant line-up of national occupiers including Screwfix, Toolstation, Wolseley, James Hargreaves, Auto Windscreens and Greggs.
Angus Lutton of Buccleuch Property commented, “The successful sale of Kingstown Trade Park demonstrates the benefits of our long-term stewardship and proactive asset management strategy. Through targeted capital investment, including recent roof upgrades and by securing new lettings and lease renewals, we enhanced the income profile and the property is now well positioned for the purchaser to continue this journey. This disposal has enabled the Trust to strategically reinvest capital into three new convenience store assets, which provide predictable index-linked income streams".
We would like to thank our professional advisors for their long-term support. Our thanks go to Angus White and Chris Donabie at Naylors Gavin Black (Managing Agent and Sales Agent), Richard Percival at Carigiet Cowen (Occupational Agent) and Liz Evans at Womble Bond Dickinson (Legal), who have all been instrumental to the asset's success.
Thanks to Simon Harland at MHPI and Rebecca Dawson at Burnetts who both acted for the purchaser.
