GREENOCK brothers Sandy and James Easdale, joint owners of the Easdale Investment Group, have acquired a further industrial unit, in Renfrew.
Previously owned by Peel Waters Limited, the property development arm of Peel Group, the site at Meadowside Street is part of the Neil Street Industrial Estate.
The property is currently let to aviation repair firm Aeropair Limited and was purchased through the Easdales’ Dalglen Investments vehicle for an undisclosed sum.
The deal comes following the brothers’ recent purchase of Kingston Industrial Estate, a 19-unit property at Kingston Dock in Port Glasgow.
The Renfrew property is located between other Easdale-owned sites at Neil Street Industrial Estate, which is adjacent to the Renfrew Ferry and home to Clyde Metal Recycling, also owned by the Easdale family.
Property firm Bowman Rebecchi is supporting the overall letting and management of the Dalglen Investments portfolio.
James Easdale said: “We are pleased to be able to conclude the deal for this further asset and consolidate our other areas of ownership at Renfrew. This acquisition further supports our previous strategic investments across the UK and brings a superb tenant and property into our broader portfolio.
“We are in a good position to add to our portfolio and continue to consider several new opportunities throughout the United Kingdom. We’d like to thank Peel Waters Ltd for their support during the negotiations and we continue to develop a good working relationship together.”
Brian Lavalette, property director at Peel 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. 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 Easdale Investment Group to create 47 new homes at the site of the former Tate and Lyle refinery in Greenock.
The value of current property and construction developments being led by the Easdale family in the UK is estimated at £800 million.