HBG Properties has pre-sold its 28,000 sq ft office block development at Broxden Business Park in Perth to Mackay Properties.
The property, which is pre-let to the Scottish Ministers for a period of fifteen years, is currently under construction by HBG Construction Ltd, and is due for completion by the end of 2002. It will accommodate around 110 staff from the Scottish Executive Environment and Rural Affairs Department [SEERAD] and the Department of Environment Fisheries and Rural Affairs [DEFRA].
The purchaser, a Scotland-based property group which is expanding its portfolio of commercial property interests throughout Scotland and England, is paying £4.75 million for the property, a price which represents a net initial yield of 7.5 per cent.
(source: HBG)