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Prominent Edinburgh Retail Park Sells for £3.35m After Competitive Bidding

The Galbraith Investment Team working jointly with MWM Property Consultants Ltd have concluded the sale of Craigentinny Retail Park, Seafield Road, Edinburgh on behalf of a client of Cedarwood Asset Management.  

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.