The site, located at Meadowside Street within the Neil Street Industrial Estate, was previously held by Peel Waters Limited, a branch of the Peel Group.

The acquisition, managed through the Easdales’ Dalglen Investments, adds to the firm’s presence in the region, with the property currently leased to aviation repair firm, Aeropair Limited. Alan Stewart at Breck Property Consultants helped to broker the deal.

This deal comes hard on the heels of their recent purchase of Kingston Industrial Estate, a 19-unit property located at Kingston Dock in Port Glasgow, adjacent to the A8 and Gallagher Retail Park.

This new site is located between other Easdale owned sites at Neil Street Industrial Estate, which is located adjacent to the Renfrew Ferry and home to Clyde Metal Recycling, also owned by the Easdale family.

Property firm Bowman Rebecchi is supporting the overall letting and management of the Easdales’ Dalglen Investments portfolio.

James Easdale said: “We are pleased to be able to conclude the deal for this further asset and consolidate our other areas of ownership at Renfrew. This acquisition further supports our previous strategic investments across the UK and brings a superb tenant and property into our broader portfolio.”

“We are in a good position to add to our portfolio and continue to consider several new opportunities throughout the United Kingdom. We’d like to thank Peel Waters Ltd for their support during the negotiations and we continue to develop a good working relationship together.”

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

Dalglen’s property investment operations are behind several housing projects, including the Spango Valley site in Greenock, the former Tullis Russell paper factory in Glenrothes, and a waterside housing development at Dumbarton, creating 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 £15 million development.

The current property and construction developments being led by the Easdale family in the UK are estimated at £800m.