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Date
08
February 2001
SHEPHERD
SELLS COMPLETED GLASGOW CALL CENTRE DEVELOPMENT
Shepherd Developments
has sold the pre-let and now completed Caledonia House call centre
scheme at Cardonald Park, Glasgow to Manchester Pension Fund for a
price in the region of £8.5 million, reflecting a net initial
yield of 7.25%.
The building is located adjacent
to Junction 25 of the M8 Motorway and is let to Lunn Poly, part
of the Thomson Travel Group, who took a 15 year lease, at a rent
of £651,477 per annum. The building is of 66,016 square feet
net, with a headline rental of £11.95 per sq ft. The rent
is geared to 82% of rack rent. The building has the added benefit
of around 325 car parking spaces.
Shepherd Developments’ Leeds Office (Tel:
0113 242 2751) pre-let the building to Lunn Poly and constructed
the scheme in 37 weeks, including tenant’s fitting out. Integrated
design and construction from within the Shepherd Group were employed.
Strutt & Parker (Tel: 020 7318 5008) acted for the purchaser.
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