Property round-up

Industrial letting in Altens | Stirling retail park sold

Peterseat Park

Mobility solutions and automotive services provider Redde Northgate has taken a lease at Peterseat Park, Altens in Aberdeen.

The industrial unit has been let on a 10 year lease with a break option at year five.

The property includes a 6,516 sq ft detached warehouse with 3,208 sq ft of two-storey office accommodation, including ancillary car parking and a large secure yard. 

Joanne Riddell, head of property at Redde Northgate, commented: “We are excited to see what the next five to ten years has in store.”

Ryden acted on behalf of occupier Redde Northgate in this transaction, whilst FG Burnett represented the landlord. 

Stirling Retail Park acquired

Ediston Property Investment has acquired the Springkerse Retail Park in Stirling for £21.85 million, in an ‘off market’ transaction from clients of LaSalle Investment Management.. The price reflects an initial yield of 9.54%.

The 162,593 sq ft park, which is let to 10 tenants including B&Q, Wren Kitchens, DFS, Pets at Home and Halfords, produces a passing rent of £2.23m per year. Ediston is planning upgrades to improve the letting prospects of the two vacant units.

Calum Bruce, investment manager at EPIC, said: “We are focused on acquiring retail parks, as they have been more resilient than other sub-sectors of the retail market and are well-suited to the post-pandemic world – allowing shopping to be done in a safe and socially distanced way with plenty of room for parking.

“Footfall recovered more quickly than in shopping centres and [on] the high street, and tenants are reporting good levels of trade. Many retailers are looking to sign new leases and are looking to expand their presence at out-of-town locations.”

Ambassador completes Forsyth letting

Ambassador LB Holdings will lease the final available space at The Forsyth Building in Glasgow to professional services firm Davies Group, meaning that the landmark building is now fully let. 

Davies has agreed a five-year lease on 6,391 sq ft at a rent of £18 per sq ft. 

Ambassador LB Holdings was jointly advised by Savills and CBRE.

Brewery sold

Loch Earn Brewery in the village of St Fillians, Crieff, has been sold within four months of the property coming to the market.

The new owner is a private investor who has acquired the brewery & hotel for an undisclosed price.

UPDATE 26 Aug: Inspectahire takes space at Badentoy in Portlethen

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