THE Easdale brothers have snapped up a large industrial estate in Port Glasgow as they increase the scale of their huge £800m property and construction portfolio. 

The deal, completed by their Dalglen investment vehicle, sees them take control of almost 20 units which are almost fully occupied.

Greenock Telegraph:

Previously owned by Peel Waters Limited, which is the property development arm of Peel Group, the site at Kingston Dock sits beside the A8 and Gallagher Retail Park.

With 19 industrial units in total, Kingston Industrial Estate extends to just under 20,000 sq ft and has been secured by the McGill's Buses tycoons for an 'undisclosed sum'.

The deal adds to their existing assets located along the A8 corridor, at Cappielow Industrial Estate, MacDougall Street, Cartsdyke Avenue, Ratho Street and Bogston Industrial Estate.

Greenock Telegraph:

Several of the current tenants at Kingston Dock have been there for 10 or more years.

Sandy Easdale said: "We are pleased to be able to conclude the deal for this further asset and welcome Kingston Industrial Estate into our broader portfolio.

“This acquisition further supports our previous strategic investments in this part of Inverclyde and brings a range of smaller units into our broader portfolio.”

James Easdale added: “We’d like to thank Peel Waters Ltd for their support during the negotiations and we continue to develop a good working relationship together.

“While our transport businesses remain hugely important to us, property and construction investments in the UK are consistently presenting themselves.

“We are in a good position to add to our portfolio and continue to consider several new opportunities.”

Brian Lavalette, property director at Glasgow 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.

“The site is almost fully let, and Dalglen Investments acquisition will inevitably retain and attract further tenants to the site, creating more opportunities in the local area.

“We thank Dalglen for the swift and professional manner the transaction was undertaken.“

Dalglen’s property investment operations are behind several big housing projects, including the ex IBM site at Spango Valley in Greenock plus the former Tullis Russell paper factory in Glenrothes and a waterside housing development at Dumbarton.

It's expected that the major developments will create over 3,000 new homes within the next decade throughout Scotland.

Earlier this month, approval was also granted by Inverclyde Council for the Easdale Investment Group to create 47 new homes at the site of the former Tate & Lyle factory in Greenock as part of a new £15m development.