In one of the biggest industrial deals in Scotland of 2015 so far, national commercial property consultancy Lambert Smith Hampton (LSH) has agreed a deal with delivery service firm Yodel to sub-let 96,933 sq ft on behalf of the drinks logistics company Kuehne Nagel.
A rent of £4.00 per sq ft has been agreed for the facility at 7 Nettlehill Road on Houstoun Industrial Estate, Livingston on a co-terminus lease expiring February 2017. In a simultaneous transaction, Yodel has also purchased the property from Edinmore Investments at an undisclosed price.
The building, which features a dedicated vehicle maintenance unit and a large surfaced yard, was originally purpose built for Scottish & Newcastle as a storage / distribution facility in 1992 when a 25-year lease was struck.
Ian Davidson, LSH’s Head of Office in Edinburgh who represented Kuehne Nagel, commented: “Given the demand/supply imbalance pertaining to large industrial facilities in the Central Belt, we witnessed strong competition for 7 Nettlehill Road, despite the relatively short unexpired term of the headlease to Kuehne Nagel. Both the configuration and specification of the unit are ideal for Yodel, illustrated by their subsequent purchase of the property from the landlord.”
Kuehne Nagel was represented by LSH and Ryden.
Yodel was represented by Gerald Eve and Edinmore Investments by Eric Young & Co.