Motherwell FC chief and partners seal £4m office deal

Published on Thursday 20 August 2009 21:33

A PROPERTY investment company backed by Motherwell Football Club chairman John Boyle has spent £4 million on a major office deal, it can be revealed today.

Hamilton Kelly Investment Partnership (HKIP) – which includes Boyle's Hamilton Portfolio and a syndicate of private investors – sealed the deal to buy New Lanarkshire House on the Strathclyde Business Park from Royal Liver Assurance.

The building, occupied by Scottish Enterprise, was bought through a special purchase vehicle called HKIP (Motherwell).

Today's deal is the third this year for HKIP, following the purchase of a 4m facility in Aberdeen occupied by Hailliburton. In an earlier deal, the firm acquired Johnstone House in Motherwell, which is let to the Department for Work and Pensions, for 6m. It was bought for one of HKIP's clients.

HKIP partner Stephen Kelly said: "It's a good time to buy at the moment if you have the funds and good-quality tenants to pay the rent."

He added: "We are under offer on a 9.5m deal in Aberdeen and we're looking at some alliances and partnerships that would allow us to handle larger opportunities UK-wide."

Today's deal included 3m of debt funding from Barclays Commercial Bank.