Resolution buys Edinburgh’s Ocean Terminal
Published: 25 January, 2012
Forth Ports has sold the 420,000-sq ft Ocean Terminal shopping centre, on Edinburgh’s waterfront, to Resolution Property
Ocean Terminal, which celebrated its 10th anniversary in 2011, is a 420,000-sq ft enclosed shopping centre anchored on a 100,000-sq ft Debenhams department store. Other retailers include BHS, Marks & Spencer Simply Food, H&M, Gap and Superdry, in addition to a 12 screen Vue Cinema. Restaurants include Frankie & Benny’s, Zizzi, Pizza Express and the Handmade Burger Company. Home to the Royal Yacht Britannia, Ocean Terminal also welcomes thousands of visiting cruise liner passengers each summer.
Resolution will be working in partnership with Forth Ports to bring forward the development of the nine-acre Waterfront Plaza site that fronts the centre, forming part of the wider Harbour at Leith Docks in Edinburgh. Currently, the masterplan allows for over 1 million sq ft of commercial, leisure, retail and business space on Waterfront Plaza.
Nigel Robson, partner at Resolution Property, said: “Ocean Terminal Shopping Centre is a significant addition to our European retail portfolio. Leveraging off its current success and the affordable rents, which significantly undercut other retail locations in Edinburgh, we are confident that we can take Ocean Terminal forward and further enhance the retail and catering offer.”
Franc Warwick acted as the investment advisor for Resolution, while Douglas Stevens & Co acted as letting agent and will be retained alongside CBRE.