Orchard Street buys Edinburgh retail park
Published: 29 November, 2011
£24.5m deal for 71,371-sq ft park shows 6.16 per cent initial yield
Orchard Street Investment Management on behalf of St James’s Place property funds, has bought Straiton retail park in Edinburgh for £24.5m , reflecting an initial yield of 6.16 per cent. The vendor was BA Pension Fund.
The park comprises a terrace of six retail warehouses and two pod units with a total floor area of 71,371 sq ft. The park benefits from an open planning consent including part food. Tenants include Laura Ashley, TK Maxx, Dunelm, Carphone Warehouse, Poundworld and Dreams.
Situated in South East Edinburgh, the park is four miles from the city centre on the Edinburgh City Bypass. Nearby occupiers including Ikea, Costco, Sainsburys, Boots, Next and M&S.
Chris Bartram, chairman at Orchard Street said “This acquisition offers an excellent investment opportunity which we believe will perform strongly for St James Place. The combination of an open planning consent, proven market rents, strong covenants and strong demographics means the park trades exceptionally well and has all the characteristics necessary for growth”
