Colliers International has got 2014 off to a flying start with the £3.1m sale of 10 Coddington Crescent, Eurocentral, alongside joint agent Ryden, on behalf of KKR Limited. Langdon Industries Limited, part of Germany-headquartered Nagel-Group, one of the largest food logistics networks in Europe, has acquired the 82,509 sq ft (7,665 sq m) cross-docked distribution warehouse and two-storey offices, which also features a separate vehicle repair workshop, yard and extensive parking, within a secure site of 10.22 acres (4.14 hectares).
The newly refurbished property, situated at Eurocentral, Scotland’s principal distribution location, had most recently been let to Royal Mail in the run-up to Christmas.
Iain Davidson, director of Industrial & Logistics at Colliers International, who brokered the deal, said: "We are delighted to conclude the sale of Coddington Crescent within just days of Royal Mail’s lease coming to an end. It is also particularly significant to conclude such a major deal this early in the new year and follows a very successful 2013. The sale is a further indication that the Scottish industrial market is recovering."
John Kilgour of KKR added: "We are very pleased to sell the building to Langdons and wish them every success in the property. This major sale highlights the continued strategic importance of Eurocentral and indeed the M8 corridor, which was also a key factor in successfully letting the property to Royal Mail over its busiest period of the year."