Following formal marketing and a closing date which attracted competitive bids, the prominent medium format retail park was sold to Danobe Securities for £3.35m, reflecting a net initial yield of 7.81%.
The park is let to Halfords, Archers Sleep Centre, Connection Flooring and Sue Ryder, providing an average unexpired lease term of 10.2 years and producing a rent in the region of £278,500 p.a.
Jamie Thain of Galbraith commented:
The asset attracted a lot of attention due to its prominent location and conservative passing rents which reflect only £10.00 - £12.00 psf. It provides modern format retail space on the east side of Edinburgh and is a clear example of continued investor appetite for well presented and sensibly priced retail investments.
Galbraith & MWM Property Consultants Ltd advised Cedarwood Asset Management. Alta Commercial Property Consultants advised Danobe Securities.
