Land acquired for £2.75m
Ediston plans retail boost in Haddington
The town has experienced significant housing growth over the past five years with approximately 1,500 homes either completed or under construction.
The site on West Road, close to the A1, is allocated for retail and associated development in the local development plan.
It has planning permission for a supermarket and petrol station and the new owner is seeking consent for a retail warehouse.
It says there is a general shortage of retail warehouse space in East Lothian, particularly in Haddington, which means there is pent up demand from retailers who want to be in the town.
The investment manager is in talks with these retailers and is expecting to pre-lease the majority of the site.
Calum Bruce, director of investment at Ediston Properties, the company’s investment manager, said: “We are always looking at different ways to create value for our shareholders and this development will allow us to do that.
“We have tracked this opportunity for some time and are confident that we can deliver an attractive income return for the company that is significantly above market returns for similar developed assets.”