James and Sandy Easdale, the brothers who own McGill’s Bus Service, have purchased a prominent Inverclyde trade park in the start of a “determined investment drive” into commercial and residential property across Scotland.
They have added Cappielow Trade Park in the west of Greenock to the family’s commercial property portfolio in a deal worth £3.1m. It comprises 15 industrial units extending to 57,342sq ft, with tenants such as Jewson, Electric Centre, Brandon Hire, City Plumbing and Howdens Joinery.
The property has been sold by Legal & General Group, and was marketed by JLL. It has a net initial yield of 8.5 per cent.
“We are embarking on a determined investment drive across a range of commercial and residential property opportunities not only in and around Inverclyde and greater Glasgow, but also in locations around Scotland and the United Kingdom,” James Easdale said.
“Given our existing investment in offices and industrial premises in and around Greenock, this was a deal which made sense for the company and presented a good level of yield with a robust list of tenants occupying the facility. The acquisition went smoothly, and we are pleased to conclude the purchase, aided by the professionalism of both Legal & General and JLL.
“We’re currently making good progress with finalising a number of other commercial property purchases and as we have found recently, each successful transaction often leads to a host of new opportunities for us to consider and progress.
“Whilst our companies are most readily associated with interests in transport and manufacturing sectors, the last 12 to 18 months has witnessed considerable investment in property across the UK and we expect further good news in the coming months.”