The sale of a further five office investments at Hillington Park has been completed as the final part of Frasers Property’s strategic plan to build on the growing demand from the industrial and logistics sector.
The Innovation Centre, Lumina, Arc and 1 & 3 Centura Court, which make up almost 92,000 sqft of office space, have been sold to clients of CBRE and follows the recent disposals of Merlin Business Centre and Carlson House which were announced in April.
The sale of the seven office buildings means that Frasers Property’s ownership at Hillington Park is now 96% industrial.
Progress to bring a further 130,000 sq ft of new commercial industrial space to the market is also moving on apace with the new £14m Hillington West 100 & 200 scheme’s construction hitting its key project milestones with a completion date expected in Spring 2022.
Grant Edmondson, Commercial Director at Hillington Park said: “The sale of a further five office investments concludes Frasers Property’s repositioning of its 2.0M sq ft investment portfolio at Hillington Park to focus on the industrial and logistics sector. We are seeing strong occupier demand for industrial property of all sizes and consequently rents are increasing as availability decreases which supports our decision to commit to new speculative developments on our extensive land holdings.”
Hillington Park’s asset and development management teams will now be based at Cameron Court on Buccleuch Avenue, next door to the West 100 & 200 development site.
Ryden and Brodies LLP acted for Frasers Property on all five transactions.