Major retail park in west of Scotland sold in eight-figure deal
East Kilbride Retail Park, home to big-name retailers including The Range, Pets at Home and Currys PC World, has changed hands in a £12 million-plus investment deal.
The site has been bought by London-based Corum Asset Management, which was represented by property firm Knight Frank, while Cushman & Wakefield acted on behalf of the vendor, Aberdeen Standard Investments.
The £12.25m deal represents a healthy net initial yield of 10.49 per cent.
The 59,404 square foot site is part of a substantial retail warehouse cluster in East Kilbride, adjacent to Kingsgate Retail Park.
Rhu Wishart, a surveyor based at Knight Frank’s Edinburgh operation, said: “The deal for East Kilbride Retail Park shows there is still an appetite for well-located retail warehouse assets, despite the challenges posed by online shopping.
“It also underlines investors’ desire for long-term income supported by strong covenants while macro-economic conditions remain uncertain.”