£19m price tag
Almondvale West Retail Park put up for sale
Livingston’s Almondvale West Retail Park has been put on the market at a guide price in excess of £19.125 million, reflecting a net initial yield of 7.75%.
The 108,168 sq ft scheme is located adjacent to the Livingston Designer Outlet and was refurbished in 2018. It is fully let to a diverse tenant base comprising Next, TK Maxx, Smyths Toys, Decathlon and Harry Corry.
The current total rent passing across the whole scheme, including the car park, is £1.5 million a year which equates to £11.60 per sq ft on the retail warehouse element.
Jaime Dunster, UK investment director at letting agent Savills, said: “Retail Parks emerged as the most resilient in the retail sector throughout the Covid-19 pandemic thanks to the less severe decline in footfall and sales and have consequently become one of the most sought after asset classes in 2022.”
Savills is acting on behalf of an institutional investor.