Kilmartin Property Group has sold two retail/leisure sites in Scotland for £6.65m.
It has sold its retail warehouse park at Seafield Road, Edinburgh, to Mackenzie Limited Partnership for £4.5m, reflecting a net initial yield of 7%.
The park’s occupiers are Powerhouse Retail, McDonald’s and Broughton Shoes, and the total rental income is £385,000 pa.
Culverwell & Co and DTZ Debenham Thorpe represented Kilmartin, while Jones Lang LaSalle acted for the Mackenzie.
Meanwhile, a consortium of private Irish investors has bought Kilmartin’s retail development at South Muirhead Road, Cumbernauld, for £2.15m, reflecting a 7.5% yield.
It is let to Burger King, Blockbuster, Domino’s Pizza, PD Reality and Video Drive-In, with a net rental income of £170,000 pa.
Culverwell & Co represented Kilmartin and FPD Savills represented the consortium.
EGi News 10/09/02
