David Mitchell, regional director of Taylor Woodrow Property Company Limited, said: "We are delighted to have attracted another prestigious name to Almondvale Business Park, which is becoming firmly established as one of Central Scotland's premier business hubs.
King Sturge acted as agent for Taylor Woodrow, and DTZ represented Mapeley, the Nomura-backed outsourcing company that will manage the call centre on behalf of the government.
On the strength of this letting, Taylor Woodrow was able to sell on the investment in Silverburn House almost immediately to BFS Managed Properties Holdings, a Guernsey-based institutional property investment fund launched in July 2001. BFS paid £6.123 million ($8.6 million), reflecting a net initial yield of 7.25%.
BFS Director Harry Hyman said: 'The purchase of Silverburn House marks an important point in our acquisition programme, as we have now established a portfolio of 20 properties with a value of some £87.5 million ($123.5 million), securely let with an average income yield of 7.6% per annum on cost and approximately 18.5 years average unexpired lease term. We are very pleased with our progress to date and expect to complete further property purchases over the next few weeks.'
King Sturge advised Taylor Woodrow and Eric Young & Co advised BFS
Now that Silverburn House has been leased and sold, Taylor Woodrow plans to move on to the next phase at the Almondvale Business Park, the 28,000-sf Denholm House.
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