Jaymar acquires Kingdom House in Glenrothes for £4 million
03 November 2008
A sale and leaseback transaction
Jaymar Estates Limited, a private Manchester-based property company, has recently completed the acquisition of this office investment on Saltire Business Park in Glenrothes. The price paid was £4 million, which reflects a net initial yield of 8.74%.
This was conducted as a sale and leaseback transaction from Scottish Enterprise who has taken the building on a ten-year lease subject to a tenant only break at year five. The initial rental is £369,642 per annum with a guaranteed fixed uplift at the end of the fifth year to £408,114 per annum. The building extends to 28,436 ft² and is arranged over ground and first floors with 120 dedicated car parking spaces.
David Johnston, Partner of King Sturge in Glasgow, who acted on behalf of the purchaser said: “Our client was attracted by the quality of the building, the flexibility of the space and the secure income profile provided by this investment”.
King Sturge advised Jaymar Estates Limited, whilst Scottish Enterprise was represented in the sale by Ryden in Edinburgh.
