The Co-operative Estates Secures Major Scottish Industrial Sale
July 25, 2013 -The Co-operative Estates has completed the sale of the former Somerfield Regional Distribution Centre at Fairfield Place, East Kilbride, South Lanarkshire.
The property was constructed in the early 1980s and extends to 203,000 sq ft on a site totalling 9.4 acres. It closed as part of the comprehensive modernisation and rationalisation of The Co-operative Group’s national distribution network, and its consolidation of its Scottish distribution operation into a new 503,000 sq ft regional distribution centre at Prologis M8.
The property has been sold to a Glasgow-based businessman, Awais Mobarik of Premier Pan European, who intends to use it for storage and distribution purposes. The sale price is undisclosed but the quoting price was £3.5m.
Geoff Player, Director of Commercial & Investment Property with The Co-operative Estates, said: ”We are delighted to have completed our fifth major industrial property transaction of 2013.
“Our UK warehouses marketing campaign is gathering very positive momentum. We have concluded 650,000 sq ft of sales and letting transactions since the campaign started less than twelve months ago and we have more significant deals in the pipeline.”
Awais Mobarik, Pan European Director of Premier Pan European, said: “We are glad to have been able to reach agreement to purchase this facility from The Co-operative Estates. This is an excellent facility which meets all the criteria for a good distribution facility as it is close to the M74 and is fully pallet racked with functioning sprinkler system and good security systems. We already have several clients who are interested in giving us contracts to handle their storage and distribution and hopefully we will have this facility operational again in the near future.”
Iain Davidson, Director at Colliers International, lead agents on The Co-operative Estate’s national surplus warehouse disposals, commented: “This is one of the largest industrial deals in Scotland in recent years and we are delighted to have secured a buyer for this property. We have seen significant interest in The Co-operative Estates national warehouses in recent months and expect to make further positive announcements in the near future.”
Colliers International acted for the Cooperative Estates. Further details on The Co-operative Estates’ national warehouse disposals are available at www.ukwarehouses.com