Dawn Developments has sold Queens Drive retail park in Kilmarnock to a private Irish investor for over £11.4m. The deal reflects a net initial yield of 7.25%.
The 7,432 sq m (80,000 sq ft) park produces an annual rental of over £860,000. Queens Drive forms part of a larger mixed-use development, which includes Aryshire’s first multiplex, operated by Odeon, and an Asda superstore.
The site has potential for a further 2,043 sq m (22,000 sq ft) of retail.
Montagu Evans and Smith Cole Wright acted for Dawn, while Mason Owen & Partners advised the purchaser.
EGi News 02/02/99
