Aviva has completed the sale of a multi-let industrial park in Edinburgh to Ribston for £14.45m, reflecting a net initial yield of 4.96%.
Prestonfield Industrial Estate comprises a 7.84-acre site which houses eight standalone warehouse blocks encompassing 11 modern industrial and trade counter units. The space at the park totals 99,835 sq ft and is let to a variety of tenants including Edinburgh City Council, Howdens, St Andrews Timber and City Plumbing supplies and the estate produces a passing rental income of £765,334 per annum.
Janey Douglas, associate in Edinburgh capital markets at JLL, said: “The sale of Prestonfield Industrial Estate demonstrates the strength of the industrial market in spite of the pandemic and achieved the record prime yield for a multi-let industrial estate in Scotland. It represented a rare investment opportunity and the interest levels demonstrated that there is continued strong appetite for prime stock from a range of investors.”
Joe Havery, director at Ribston, commented: “Our purchase of Prestonfield Park, follows the acquisition of Oakbank Industrial Estate, Glasgow and more recently 244-256 Causewayside, Edinburgh. These three acquisitions demonstrate our confidence in very good quality city centre industrial property. Prestonfield Park has extremely strong fundamentals, being both very defensive as well as being a prime candidate for relative outperformance in better times. These dual characteristics have been at the core of RPUT’s acquisition programme since its launch in December 2016.”
JLL acted on behalf of Aviva; Ribston was represented by Ryden.