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Competitive bids

Craigentinny retail park sold in £3.35 million deal

Craigentinny retail park

Craigentinny: attracted competitive bids


 

Galbraith Investment Team and MWM Property Consultants have sold Craigentinny retail park, Seafield Road, Edinburgh on behalf of a client of Cedarwood Asset Management.

Danobe Securities was the buyer in a deal worth £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, said: “The asset attracted a lot of attention due to its prominent location and conservative passing rents which reflect only £10 to £12 per sq ft.”



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