Stirling property deals: major retail park and office building change hands
Ediston Property Investment Company (Epic) has acquired the city’s Springkerse Retail Park for almost £22 million, in an “off market” transaction. The retail park was purchased from clients of LaSalle Investment Management.
The trading space across the site extends to 162,593 square feet across a dozen units. It is currently let to ten tenants.
Bosses said the park is expected to benefit from the “intensive asset management style” of the investment manager. Upgrades are planned to attract tenants for the two vacant units.
The acquisition was funded using the proceeds from the sale of a Tesco superstore in Prestatyn, Wales.
Calum Bruce, investment manager at Edinburgh-based Ediston Properties, said: "The purchase of this asset is consistent with our recently updated investment strategy of acquiring retail warehouse parks. It is our objective to recycle capital from lower yielding assets into properties which are more suited to our intensive style of asset management, and this acquisition achieves this aim."
Meanwhile, in a separate deal, property consultancy Ryden has announced the sale of Maxxium House on Castle Business Park in Stirling to medical microwave technology company Emblation.
The 20,496 sq ft building comprises a two-storey open plan office pavilion and is located about a mile from the city centre. The adjoined property, Bermuda House, provides a further 20,496 sq ft of office space and is still available for sale or to let, Ryden noted.
Iain Taylor, associate at Ryden, which was acting on behalf of Aston Property Ventures, said: “Castle Business Park continues to play a key role in the establishment of Stirling as a thriving business location and despite the challenges the market has been experiencing, organisations are still focused on securing the best possible workspace.”
Gary Beale, co-founder and chief executive of Emblation, added: “The new headquarters is the perfect location for Emblation to provide a home for our growing team to support our development and manufacturing activities as well as to promote and provide support for our medical products in new territories worldwide.”
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