Property firm acquires Scotland’s largest job centre

Manchester-based property investment and development company, Hurstwood Holdings has boosted its national property portfolio with the acquisition of a 60,000 sq ft office building in Greenock, on the outskirts of Glasgow, for an undisclosed sum.

The four-storey building, situated on Dalrymple Street, has been fully let to the Secretary of State since 1976 and is home to Scotland’s largest job centre, as well as being a community hub for the Greenock and Glasgow docks area.

The deal represents a net initial yield of 19%.

Stephen Ashworth, the long-standing chairman and chief executive of Hurstwood Holdings, said: “This acquisition is a great start to the new year for us and represents a significant addition to our ever-growing commercial national portfolio as we continue our investment programme in Scotland and the North East.”

He added: “Last year we completed £20m acquisitions, adding a further 405,000 sq ft of commercial investment property as part of our strategic transition from developer to a national commercial landlord.

“We also sold four major assets as the focus of our business leans more towards long-term investment.”

Dale Henry, of Singer Vielle, acted on behalf of Hurstwood Holdings. Aldermore Bank assisted with the funding and Gateley in Manchester provided legal advice.

Hurstwood Holdings is a commercial investment group with more than £160m of commercial assets on 100 sites nationwide, housing in excess of 700 occupier clients.