The £2.95m deal represents a net initial yield of 8.73% after purchaser costs of 5.8%
Buccleuch Property has sold its stake in an Industrial Estate near Aberdeen in a £2.95 million deal to CBRE Investors for the Falcon Property Trust.
The sale of the multi-let Altens industrial estate, three miles from Aberdeen city centre, represents a net initial yield of 8.73 per cent after purchaser costs of 5.8 per cent.
Nick Waugh, commercial property director for Buccleuch Property, said: “We have held this property for five years, moved the rents on and completed our asset management.”
Buccleuch Property is the commercial property division of Buccleuch Group, with manages the commercial interests of the Buccleuch family.
Its property division currently has investments and interests in commercial and residential property of around £500 million.
Buccleuch Group, Scotland's biggest private landowner, announced in July it had cut its stake in Native Land development in central London - managed through its property division - from 50 per cent to 10 per cent after an unnamed investor took a 45 per cent stake in the venture.
The restructuring was in response to losses at the group's commercial property division.
Waugh added: “Despite difficult market conditions we are experiencing good demand for the right kind of commercial property and are currently looking for a number of new investment and development opportunities.”