Murphy Young Group eyes expansion with key acquisitions
Glasgow-based commercial property firm Murphy Young Property is expanding its portfolio of properties with the acquisition of an existing East Kilbride office development and construction of a new commercial trade park.
The office development Arx House (formerly the East Kilbride Technology centre) offers a total of 23,760 sq. ft. high-spec workspace to a variety of tenants, while the 18,000 sq. ft. commercial development Stroud Road Trade Park already has pre-let 9,000 sq. ft. to kitchen retailer Magnet, with construction due to complete in September 2019.
Murphy Young Property, part of the Murphy Young Group, was created in 1998 by existing director Glenn Murphy and has grown to become a specialist multi-let property provider.
The group also provides specialist services in commercial property, engineering consultancy, business and utility support services, aviation and food import and has offices across the UK with 15 members of staff.
Glenn Murphy said: “These new assets are fantastic additions to our growing portfolio of properties. Arx House is an important asset in the area as it provides potential tenants with a variety of options and is well connected to the surrounding area with brilliant transport links. We will be investing in the property to attract businesses looking for premium office space in a key location.
“There is an increased demand for high-quality commercial trade units in Scotland, demonstrated by our pre-let to Magnet and by interest in the remaining spaces.”
The acquisitions were completed thanks to a seven-figure funding package from Royal Bank of Scotland.
Gus Johnstone, relationship director at Royal Bank of Scotland, said: “The Murphy Young Group continues to grow, thanks to its ability to identify and secure prime assets and investment opportunities. Arx House and the Stroud Road Trade Park are solid additions to its already diverse portfolio, and we wish Glenn continued success in the future.”