Paisley retail units housing M&S and The Range sold in £12m-plus deal
Two properties at a Paisley retail park housing branches of Marks & Spencer and The Range have changed hands in an eight-figure investment deal.
London & Scottish Property Investment Management said it had completed on the sale of the properties at Renfrew Road Retail Park for a price “in excess of £12 million” to an unnamed US investor.
The two units are tenanted by M&S and homewares retailer The Range. Both are part of the wider Renfrew Road Retail Park, which was developed by London & Scottish Developments and also includes a Tim Hortons coffee shop drive through and a Lidl supermarket.
Knight Frank and Sheridan Property Consultants acted for the vendor, while Lismore Real Estate Advisors represented the purchaser.
In 2015, London & Scottish acquired the site, which was formerly a derelict industrial estate and bowling alley that closed in 2010. Following a consultation process to secure planning consent, construction began in 2018 and Lidl, The Range and Tim Hortons started trading in 2019.
Earlier this month, the final unit was handed over to M&S for fitting out as a food hall.
Andy Richardson, group development director at London & Scottish Developments, said: “Renfrew Road Retail Park is a quality development in a popular location. It fits the profile of what commercial property investors are currently looking for: modern retail park stock let to good tenants in strong locations.
“We expect strong demand for retail warehousing investments this year due to their attractive yield relative to other market sectors.
“This deal represents a major step forward for our development portfolio.”
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