Buccleuch Living Heritage Trust has sold the long leasehold interest in Pentland House, Gillingham for £1.975m, reflecting 6.9%. The property consists of a single let 20,340 sq ft industrial unit on Gillingham Business Park let to London Fire Solutions for 10 years.
Buccleuch Living Heritage Trust owned the property for in excess of 37 years during which time it proved popular with a number of occupiers with its high profile location on the Park. The decision to sell the property was made following a significant refurbishment and the new letting.
The property was purchased by Columbia Threadneedle Investments, the superior Landlord, who have a much wider ownership across the Park.
Commenting on the sale, Philip Eves, Investment Director of Buccleuch Property said, “This has been a strong performer for the Trust and was the longest held ownership in the investment portfolio. We have worked hard over the last couple of years to improve the property which resulted in the reletting to London Fire Solutions. The property is in excellent condition and it was the right time for us to sell and to focus on new investments.”
Buccleuch were advised by Mike Fox of Lawson & Partners; Columbia Threadneedle were advised by Matthew Brown of Lewis Ellis.
