10 Apr 2012

Property specialists Custodian Capital acquire Kilmarnock property let to Royal Mail

Kilmarnock

Custodian Capital, which is part of the Mattioli Woods plc group of companies, has purchased a single-let property in Kilmarnock in a deal worth over £1m.

The Queen’s Drive property comprises a modern industrial unit extending to 18,500 sq ft with a large private secure yard area, and is let to Royal Mail until November 2021 as one of the company’s major sorting offices in Ayrshire. The property benefits from excellent transport links to Glasgow and Ayr via the M77 motorway.

Custodian Capital purchased the property for a syndicate of investors and will benefit from the rent per annum of £94,500, representing an attractive net initial yield of 8.43%.

The move follows a further Scottish property acquisition in Glasgow, at the entrance of Argyll Arcade, which is currently let to Greggs plc, until 26 October 2023 and represents a net initial yield of 6.8% per annum.

Richard Shepherd-Cross, Managing Director of Custodian Capital, commented:

“Custodian Capital has a nationwide portfolio of syndicated property investments, acquired over the last nine years, of £110 million, comprising 60 assets, across all property sectors with over 1,000 individual investors”.

“We are pleased to have added the Queen’s Drive property to our portfolio. The property is well located and let to strong tenants, which is key for Custodian’s investors and we are currently looking at other opportunities in Scotland”, he added.

Custodian Capital has a pipeline of opportunities with tenants such as Premier Inn Hotels Limited, Prezzo plc and an NHS Trust.

Prospective investors who are interested in this investment model must seek their own independent financial advice from an appropriate adviser who is authorised and regulated by the Financial Services Authority. Mattioli Woods’ consultants are able to offer this service.

For full information on these or future investments please refer to your consultant at the earliest opportunity, or alternatively please click here.