Seafield Retail Park

• INVESTMENT SUMMARY
• Highly Prominent Roadside Retail Park Investment
• Located on one of Edinburgh’s main arterial routes
• Established commercial location comprising retail, trade, industrial and motor trade uses
• Micro location surrounded by highly populated residential areas with significant ongoing development to the East and West
• Let to Halfords, Connection Flooring, McGuirks Golf, Greggs & Subway
• WAULT of approximately 8.85 years
• Comparatively low passing rents offering asset management opportunities
• Heritable interest with McDonalds drive-thru let on a long lease at a peppercorn
• Total income £428,630 per annum
• Offers in excess of £5,745,000 exclusive of VAT
• Attractive Net Initial Yield of 7.00%, with reversion to 8.22% at our opinion of ERV

SITUATION Seafield Retail Park occupies a highly prominent position on the south side of Seafield Road, close to its junction with Craigentinny Avenue North approximately 3.5 miles northeast of the City Centre. Seafield Road is a major thoroughfare linking northern Edinburgh to the A1 and the City Bypass and is located between the heavily populated areas of Leith to West, Craigentinny to the South and Portobello to the East. Leith has seen significant regeneration over recent years including the development of thousands of new homes. This new development is moving east towards Seafield and City of Edinburgh Council are currently consulting on proposals to fully redevelop the ‘Motor Mile’ at Seafield, just to the East of the subjects. Seen as a key site for delivering the goals set out in the Edinburgh City Plan 2030, plans for the land include a new promenade, GP surgery and opportunities for new shops and workplaces. The site could include as many as 2,700 new homes. Future residents will also benefit from the provision of a heat network which will help keep energy bills down whilst contributing to the city’s net zero targets. The area immediately around Seafield Retail Park provides a mix of commercial and retail uses with retail warehousing situated at various points along the length of Seafield Road. Lidl own the retail warehouse terrace immediately to the East of the subjects and are currently in the process of redeveloping this site to create a 22,000 sq ft supermarket to owner occupy, along with a further 11,000 unit pre-let to CareCo and a 2,000 sq ft unit pre-let to Starbucks. Completion is anticipated in late 2025. The Seafield area has historically been a recognised location for car sales with marques including BMW, Citroen, Fiat, Abarth, Kia, Renault, Peugeot, Skoda, Mini, Peter Vardy Heritage, together with numerous motor stores and car and van rental companies. Trade Counter operators are also strongly represented in the adjacent Seafield Industrial Estate, with Screwfix, Toolstation, Howden, Hilti, Wurth, Bunzl, Jewson and Grahams all located in the immediate vicinity.DESCRIPTIONThe property comprises a terrace of three retail warehouse units, one stand-alone retail warehouse fronting Seafield Road and a standalone drive-thru restaurant which has been sold on a long lease to McDonalds. The stand-alone retail warehouse has recently been subdivided into two drive-to food units and 12EV charging stations have been created in the car park.The terrace provides accommodation for Halfords, Connection Flooring and McGuirks Golf (currently fitting out). The drive-to unit provides accommodation for Greggs and Subway (currently fitting out).In addition, FOR:EV have leased a number of spaces in the car park to create 12 EV charging stations (8 stations have been installed to date).The terrace is of steel portal frame construction, profile metal clad elevations and profiled metal clad roofs. The three units are of similar specification internally and the standard of finish varies in line with the occupier’s corporate style. The exception to this is part of Unit 1, Halfords, which is fitted out as a tyre and exhaust centre with 8 roller shutter doors.The two newly created drive-to units are of steel portal frame construction, with brickwork walls to dado height which are thereafter clad in profile metal sheeting and curved metal clad roof.