A local government pension fund has sold Dumfries Retail Park for £11m.
The 85,752 sq ft retail park sits on a site measuring nearly 7.6 acres, and was bought by a London-based private investor.
The property is anchored by a recently re-geared 28,050 sq ft Wickes store. The remainder of the park is occupied by tenants including Home Bargains, Currys, Carpetright and Greggs.
Located on the edge of the town centre, Dumfries Retail Park occupies a highly visible position on the Kilmarnock roundabout at the junction of the A75 Dumfries bypass.
Martyn Brown, director at CBRE, which advised the pension fund on the deal, said: “With a strong tenant mix and a prime location, including the potential to take advantage of multiple asset management opportunities, the sale attracted strong interest from a range of UK-wide investors.”
Derek Archer of Archer Property Consultants, which represented the buyer, said: “The retail park will provide our client with a good medium- to long-term core income, secured to an excellent tenant line-up and let off sensible and sustainable rents.
“There is also the opportunity to enhance the tenant roster via the letting of the remaining vacant space and potential to add a further pod cluster or single unit.”
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