The home of Scotland’s largest job centre has been sold to Manchester property investor Hurstwood Holdings.
The 60,000 square foot office building in Greenock’s Dalrymple Street has changed hands for an undisclosed sum. It has been fully let to the Secretary of State since 1976 and acts as a community hub for the Greenock and Glasgow docks area.
The deal represents a net initial yield of 19 per cent. Hurstwood Holdings boss Stephen Ashworth said the firm is looking to continue its investment programme in Scotland.
Dale Henry of Singer Vielle acted on behalf of Hurstwood Holdings. Aldermore Bank assisted with the funding and Gateley in Manchester provided legal advice.
Ashworth said: “This acquisition is a great start to the new year for us and represents a significant addition to our ever growing commercial national portfolio as we continue our investment programme in Scotland and the North-east.
“Last year, we completed £20m acquisitions adding a further 405,000 sq ft of commercial investment property as part of our strategic transition from developer to a national commercial landlord."
Hurstwood Holdings is a commercial investment group with more than £160m of commercial assets on 100 sites nationwide, housing over 700 occupier-clients.