Maven adds to its expanding property portfolio
Maven’s property arm have completed the £2 million acquisition of a 112,106 sq ft detached industrial warehouse in Bishopbriggs, Scotland. The property is located in the Westerhill Business Park and is home to a number of mixed commercial use premises currently occupied by the likes of Aviva Insurance and HarperCollins, amongst others.
This is Maven’s second industrial property transaction in the Glasgow metropolitan area following the combined acquisition of 14 commercial properties in December 2015, which included units at the Nova Business Park in Robroyston and the West of Scotland Science Park in Maryhill.
Westerhill Business Park is located in a prime position only 6 miles from Glasgow City Centre and with excellent road links to both the M80 and M8 motorways. Maven’s latest property asset extends across 2.94 hectares (7.3 acres), provides a large warehouse/manufacturing area as well as ancillary office space, and substantial car parking for 168 vehicles.
Constructed in 2000, the warehouse is fitted out to a high technical specification and currently serves at the headquarters to Maven investee John McGavigan Limited. John McGavigan is a global designer and manufacturer of engineered plastic components for the automotive industry, with clients including BMW, Ford, Daimler Benz and Volvo.
The business is a significant and important employer within Bishopbriggs, providing employment for around 150 skilled staff. In April 2018 John McGavigan was ranked 9th in the Sunday Times BDO Profit Track 100 and also won the award for Scale Up Exporter of the Year at the 2018 Scottish Export Awards.
UK property assets remain very competitively priced and industrial units in particular was the best performing commercial sector in 2017, as strong occupier demand and limited availability sustained robust rental growth with average industrial rental values increasing by 4.9%. Maven’s property portfolio has expanded significantly in recent years and the team now manages 20 property investments with a combined Gross Development Value in excess of £295 million.
“This is an excellent asset to add to Maven’s growing property portfolio. The property has not only been purchased for a price significantly under market value and currently generating a healthy yield, but it occupied by a tenant we know very well and one which very secure. The modern 112,106 sq ft warehouse is in an excellent locale in North Glasgow, close to a number of Scotland’s main motorways, as well as other key transport infrastructures like a mainline railway station and Glasgow International Airport.”
Andrew Whiteley, Investment Director at Maven