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, partner in the Galbraith Investment Team, commented:

“The asset attracted a lot of attention due to its prominent location and conservative passing rents which reflect only £10.00 – £12.00 per square foot. 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.