US investor swoops on two Scottish retail parks
Livingston Retail Park
A US investor has made its first foray into Scotland with the acquisition of two Scottish retail parks for about £21 million, reflecting a net initial yield of close to 6.1%.
Renfrew Road Retail Park in Paisley is a recently-developed 60,000 sq ft warehouse and food store. The units are let to Marks & Spencer (Simply Food) and The Range with a WAULT of 17 years to expiry and 15 years to break.
Livingston Retail Park was developed in 2017 and comprises two retail warehousing units totalling 43,000 sq ft. The units are let to B&M and Dunelm with a WAULT of 11 years. Both parks have open A1 consent.
Since the onset of the pandemic, both supermarket and discount retail assets have been highly sought after with investors attracted by the retailers resilient trading performances and the long leases that characterise the sectors.
Lismore Real Estate Advisors advised the purchaser whilst Sheridan Property advised the seller on Livingston and acted jointly with Knight Frank on the sale of Renfrew Retail Park.