The BBC Pension Trust has acquired Stirling II, the extension of the retail offer at Stirling’s Springkerse Retail Park in central Scotland.
The BBC paid developer LXB Properties £19.8m for the 76,700 sq ft scheme, which forms part of one of central Scotland’s most high-profile retail parks. The reflected an initial yield of 5.75%
The development comprises two free-standing fast food restaurants occupied by Burger King and Pizza Hut and three new units let to Homebase, PC World and SCS.
Springkerse is located to the east of Stirling city centre, adjacent to the A91 eastern distributor road. The 300,000 sq ft retail park has evolved over the past 10 years and now dominates the out-of-town retail offering in the area.
Vendor LXB Properties has retained development rights to build a further 30,000 sq ft of retail space at the park.
Dermit Smith of CB Richard Ellis which advised the BBC, said: “The BBC Pension Trust will also forward purchase this phase.”
A planning application has already been lodged.
Colliers CRE advised LXB Properties.
References: EGi News 19/05/05
