Property advisor CBRE has completed the purchase of the site on behalf of HKIP – a Glasgow-based property company specialising in investment, development and asset-management across all UK commercial property market sectors.
The portfolio comprises five office buildings spanning just under 92,000 square feet and with a range of occupancy styles, including traditional open-plan offices, single-storey pavilions and serviced offices. Existing tenants include Scottish Ministers, GE Energy, Schenker, Beeks Financial, IQA Operations Group and FES FM.
CBRE director Martyn Brown said: “It is great to have completed the purchase of this interesting portfolio on behalf of HKIP, representing an opportunity to acquire a substantial office holding on Glasgow’s premier mixed-use business park.
“HKIP has made a considerable investment into Hillington Park, demonstrating that despite the effects of the pandemic and political headwinds, there continues to be robust investor interest for good-quality assets in the Scottish marketplace.
“We expect to see a continued trend from occupiers seeking good-quality office space on flexible lease terms in out-of-town locations such as Hillington. All assets in the portfolio have maintained a steady occupancy position over the last few years and there are significant opportunities to add value through actively letting the remaining vacant space and regearing existing leases.”
Ian Dougherty, partner from Ryden, added: “This portfolio sale is the final stage in Frasers Property's strategy of selling its office assets in Hillington Park, following previous sales of Merlin Business Centre and Carlson House. The focus is now on new industrial development as evidenced by the ongoing schemes at Hillington West 100 and 200.”
Hillington Park is located between Glasgow city centre and Glasgow International Airport. The 420-acre site provides around 4 million sq ft of business space, and is home to more than 500 companies plus in excess of 8,000 workers. The business park has its own retail centre, restaurants, nursery and gym facilities – and was also recently announced as the site of a new “drive-up and drive-thru” branch of Bayne’s the Family Baker.
CBRE acted for HKIP in the transaction whilst Ryden represented the vendor Frasers Property.