GSO Business Park, East Kilbride
Hamilton Capital Partners and Revcap worked together on the joint venture purchase of Glasgow Southern Business Park (GSO) from Cala Properties in 2011. The price paid reflected a Net Initial Yield of over 25%. The Park comprises 2 stand-alone office pavilions extending to a net internal area of approximately 51,000sqft set within an attractive out of town office campus environment. Existing tenants include EDF, Renewable Energy Systems and Dimension Data. The initial rental was approximately £600,000 per annum. Hamilton Capital Partners continues to provide asset management advice to the Joint venture in respect of both the general GSO Business Park marketing strategy and any on-going lease extension/re-gear discussions with existing tenants. The investment has been refinanced annually to coincide with EDF not exercising their annual break option. This has resulted in the Joint venture being able to recover all of their initial equity investment and still retain a 100% ownership of the asset.
250 West George Street, Glasgow
Paisley Central Retail Park occupies a prominent location on Renfrew Road, one of the main arterial routes to Paisley town centre. The Park comprises a retail warehouse terrace of approximately 48,800 sq ft which was recently refurbished. The surrounding area has improved recently with the emergence of new developments including commercial/retail uses and residential. The site opposite, previously owned by Tesco, has now been sold for a proposed retail development, and once developed, will help to consolidate retailing in this location and benefit the subject property.
The terrace is now fully let to B&M Retail Limited and Pure Gym Limited.
Purchased July 2015
Cadoro Building, Gordon Street, Glasgow
Hamilton Capital Partners and Revcap formed the High Yielding Investment Fund (HYIF 1) in 2013. The fund was set up to target opportunistic and asset management led commercial investment transactions primarily in Scotland and the North of England. One of the largest acquisitions made by HYIF 1 was the Cadoro Building. Cadoro is a prime retail and office building located in Glasgow City Centre at the junction of Union Street and Gordon Street and was acquired in October 2013 for a net purchase cost of £8.3m, which equated to a net initial yield of 10.3%.
Once the refurbishment works, rent free period and purchase costs were included, the gross investment cost was c £11m. However, the building is now believed to be worth in excess of £14.5m with the benefit of the new 15 year lease with Harper Macleod. The refurbishment works to the Harper Macleod space commenced in early January 14 and were completed early June 2014.
The investment is now being prepared for sale during and first and second quarters of 2015, with early interest being shown by a number of Institutional Funds.
Between 2006 and 2008 Hamilton invested heavily in Netplay TV plc with Andrew Lapping joining the board as a non-executive director. Netplay TV plc is the UK’s largest interactive TV gaming company with leading brands - Super Casino, Jackpot 24/7 and Vernons. Super Casino is the longest running and most popular online TV casino in the world and is broadcast on Channel 5 in the UK. Jackpot 24/7 is broadcast live on ITV. Netplay has a total turnover of in excess of £1 billion.
Hamilton invested in and assisted with the listing of SRT plc on AIM in November 2005. Andrew Lapping has remained a non-executive director throughout. SRT is a world leader in the provision of customised AIS solutions to companies seeking their own unique products. The company has three main divisions: SRT Marine Technology Ltd SRT Marine System Solutions Ltd Em-trac Marine Electronics Ltd