Easdale Investment Group Acquires Port Glasgow Estate
A large industrial estate in Port Glasgow has been purchased by Dalglen Investments, the property arm of Inverclyde businessmen, Sandy and James Easdale.
Previously owned by Peel Waters Limited, the property development arm of Peel Group, the site at Kingston Dock is located adjacent to the A8 and Gallagher Retail Park.
With 19 industrial units in total, Kingston Industrial Estate extends to just under 20,000 square feet and has been secured for an undisclosed sum, with Alan Stewart at Breck Property Consultants helping to broker the deal.
Dalglen’s latest acquisition is located between other owned sites at Cappielow Industrial Estate, MacDougall Street, Cartsdyke Avenue, and Ratho Street, as well as Bogston Industrial Estate all located along the A8 corridor between Greenock and Port Glasgow.
The successful estate is currently 95% occupied, with several of the current tenants located at Kingston Dock for 10 or more years, with the units ranging from 532 to 3,387 square feet.
The purchases further strengthen the Easdale Investment Group’s commercial interests in Inverclyde, with property firm Bowman Rebecchi supporting the overall letting and management of the portfolio.
Reflecting on the purchase, Sandy Easdale said:
"We are pleased to be able to conclude the deal for this further asset and welcome Kingston Industrial Estate into our broader portfolio.
“This acquisition further supports our previous strategic investments in this part of Inverclyde and brings a range of smaller units into our broader portfolio.”
James Easdale said:
“We’d like to thank Peel Waters Ltd for their support during the negotiations and we continue to develop a good working relationship together.
“While our transport businesses remain hugely important to us, property and construction investments in the UK are consistently presenting themselves.
“We are in a good position to add to our portfolio and continue to consider several new opportunities.”
Brian Lavalette, Property Director at Glasgow Waters, said:
“We have been delighted to work in partnership with Dalglen Investments in the sale of this property which will further strengthen and enhance their property portfolio in the area.
“The site is almost fully let, and Dalglen Investments acquisition will inevitably retain and attract further tenants to the site creating more opportunities in the local area.
“We thank Dalglen for the swift and professional manner the transaction was undertaken.“
Dalglen’s property investment operations are behind several housing projects, including the Spango Valley site in Greenock, the former Tullis Russell paper factory in Glenrothes, and a waterside housing development at Dumbarton, creating over 3,000 new homes within the next decade throughout Scotland.
Earlier this month, approval was also granted by Inverclyde Council for the Easdale Investment Group to create 47 new homes at the site of the former Tate & Lyle factory in Greenock as part of a new £15 million development.
The current property and construction developments being led by the Easdale family in the UK are estimated at £800 million.
For further information, contact Bowman Rebecchi.