A pair of logistics units in Aberdeen have been sold to an overseas investor for about £15 million.
They are on a nine-acre site to the south of the city, on Wellington Circle.
They are let to the Royal Mail and DHL Parcel UK, with unexpired terms of 11 and six years respectively.
Last mile logistics properties are those supporting the final leg of a distribution chain.
A spokesman for Edinburgh-based Lismore said: “Our client was attracted by the location, covenants and lease length that was on offer.
“The opportunity provided excellent value when compared to other last mile regional transactions.”
More than four-fifths (82%) of rental income for the two units is from the Royal Mail, which has occupied the site since 1995.
Both tenants have recently removed their 2022 lease agreement break options, Lismore said.
Logistics demand outstripping supply
Last September, property firm Savills reported demand for industrial and logistics space in Scotland was outstripping supply – leading to ongoing upward pressure on rents.
Colliers said the situation was exacerbated by increased construction costs and a shortage of building materials linked to both the pandemic and the impact of Brexit.
A driving factor in logistics firms’ growing demand for industrial space is the growth of online shopping.
An increased appetite for buying goods online, particularly amid the Covid-19 pandemic, when people have been less inclined to venture out, is driving massive expansion in retail distribution networks globally.
People want faster deliveries and with the likes of Argos offering same-day service in some areas, the rest of the market is trying to speed up.
For years, major distribution companies were priced out of the Aberdeen commercial property market by the oil and gas industry – but recent economic conditions have changed the game.