Retail park specialist Grantchester Holdings has sold three schemes in Scotland for a total of £33.5m.
In Bearsden, near Glasgow, Grantchester has sold a subsidiary company of which the sole asset was the feuhold interest in a 77,500 sq ft (7,200 sq m) supermarket.
The £15m sale price reflects a net initial yield of 6.8%. GWM Developments is the buyer.
The supermarket and three adjacent retail units are let to Asda on an FRI lease terminating in June 2023, at £1.024m pa, with the next rent review scheduled for June 2003.
Grantchester was advised by Campbell & Company, while GWM was advised by Drivers Jonas.
In Paisley, Grantchester has sold two units, let respectively to TDG and Granada Hospitality, to Vico Property Group for £4m, reflecting a net initial yield of 8.47%.
The site provides a total current income of £336,000 pa. Grantchester was advised by Hartley Cowley.
The third sale was in Airdrie, where Grantchester sold its feuhold interest in Aidrie Retail Park, to private overseas investors – clients of City & London Investment Management – for £14.3m, reflecting a net initial yield of 7%.
Airdrie Retail Park comprises nine retail warehouse units and and a fast-food outlet, totalling 103,949 sq ft (9,657 sq m), with around 208 car-parking spaces, and provides an income of £1.011m pa.
EGi News 25/02/02
