CKD Galbraith, the Scottish independent property consultancy, has seen a marked increase in the number of investment transactions they have been involved in over the last financial year and is planning to recruit for a number of positions across the business, including commercial.
CKD Galbraith’s successful year to April 2013 saw the investment team acting on behalf of private clients, property companies and commercial property funds while properties were transacted across all major sectors – retail, office and industrial – and across the length of Scotland, from Aberdeen to Ayrshire – with one transaction in Yorkshire.
Ian Forbes, investment agency associate at CKD Galbraith, said: “While we were lucky enough to complete a number of purchases, mainly for private clients, we were delighted to see a marked increase in the number of sales we were involved in, which we believe demonstrates our clients’ faith in CKD Galbraith’s ability to reach potential purchasers and get deals over the line in a very difficult market.”
In 2010, CKD Galbraith was appointed asset managers to the Dundas Commercial Property Fund II, which was due to come to an end in 2013. The investment team was subsequently instructed to find buyers for the last two properties in the fund.
July 2012 saw the sale of 4 Tannochside Drive, Tannochside Business Park, Uddingston, a purpose-built call centre for tenant Port@l Glasgow Ltd to a Russian-based private client of Manchester-based asset managers Equity Growth Partners for £1.95 million, reflecting a net initial yield of 17.93 per cent.
In December 2012 the Fieldhead Development in Bradford sold for £4.27million to IO Investment LLP, a London-based industrial fund that is a joint venture between IO Group and Grosvenor. The price reflected a net initial yield of 11.85 per cent.
A private Irish investor instructed CKD Galbraith to sell two Scotland-based portfolio properties, both of which are modern purpose-built retail units let to Iceland Foods Ltd on identical lease terms until 2025. The two transactions were completed as open-market deals with offers invited at closing dates.
In September 2012, the 7,000 sq ft Iceland Foods store at The Braes in Saltcoats, North Ayrshire was sold to Manchester-based property company Elstar Ltd for £849,184. While in February 2013, the 6,902 sq ft Iceland Food store on Halbeath Road, Dunfermline was sold to Scottish-based property company A&I Property Management Ltd for £975,000.
Said Richard Higgins, partner at CKD Galbraith: “Importantly, these investment deals show that our strong geographical reach, access to the right people and network of commercial properties makes us well placed to market UK commercial property investments. This year is already shaping up to be another successful one for the team, demonstrating that, despite the challenging market, there is a continuing appetite for investment in Scotland.”
In line with this, the firm’s recruitment plans are taking shape. One appointment will be for a new Investment Agent to replace Ian Forbes who will be leaving the firm mid-June to focus solely on his family business interests in agriculture and property.
Said Ian, who joined the partnership as a graduate in 2006: “It is with mixed feelings that I leave the firm after a fantastic seven years. While I am looking forward to the future, I am extremely proud of my time at CKD Galbraith and will miss being part of such a vibrant and diverse firm.
“The firm’s involvement and presence in the commercial agency and investment markets has grown year on year throughout the downturn and I have no doubt will continue to do so. I look forward to watching the Partnership continue to thrive as the property market and wider economy finally picks up.”
Said Pam Over, partner at CKD Galbraith with responsibility for overseeing the firm’s commercial department: “Whilst we are sad to see Ian leave us, it is still very much a case of business as usual.
“We will shortly be launching a recruitment campaign for a range of positions in the firm – including a new Investment Agent – and we hope to be announcing new appointments in the near future. In the meantime, we’re always happy to discuss opportunities with motivated and hungry professionals.”
-Ends-
Notes to Editor
- Images of the properties are available on request.
- 4 Tannochside Drive is a 32,251 sq ft facility let to Port@l with an unexpired term of 5.5 years. The investment was marketed jointly with Lambert Smith Hampton.
- The Fieldhead Development comprises three elements: a retail parade; an Industrial Park of 21 industrial units; and the Fieldhead Business Centre, which includes 25 individual office units. It was marketed jointly with Mark Brearley and Company.
- The sale price for Iceland, Ayrshire’s reflected a net initial yield of 7.95% while Iceland, Dumferline’s sale price reflected a net initial yield of 7.7 per cent.
Issued on behalf of CKD Galbraith by JK Consultancy. For further information please contact Jenny Kumar on 07989 5571989 or jenny@jkconsultancy.com
CKD Galbraith – www.ckdgalbraith.co.uk
CKD Galbraith is an independent property consultancy specialising in serving the needs of private clients. It employs over 205 people in offices in Edinburgh, Stirling, Perth, Cupar, Inverness, Aberfeldy, Castle Douglas, Ayr, Elgin, Galashiels, Kelso and Peebles.
The firm provides the full range of property consulting services across the commercial, residential and rural sectors throughout Scotland. The company enjoys a successful relationship with its associate firm in London, CKD Kennedy Macpherson.
CKD Galbraith’s commercial arm delivers partner-led commercial property intelligence across a range of services, including property and asset management, professional services, investment consultancy, sales, lettings and acquisitions, project co-ordination, facilities management and building surveying.
MEDIA RELEASE posted by JK Consultancy. You too can media releases (aka press releases) on allmediascotland.com. For more information, email here.
Contact: Jenny Kumar
Phone: 07989557198
Email: jenny@jkconsultancy.com
Website: http://www.jkconsultancy.com
