In line with the recently announced strategy update, the Company has acquired Springkerse Retail Park, Stirling, for £21.85 million, in an ‘off market’ transaction. The price reflects an initial yield of 9.54%.
Stirling is in central Scotland, 26 miles from Glasgow and 35 miles from Edinburgh. The Stirling Council area has a population of just under 100,000 people, which is forecast to grow at an above average rate, and draws on a primary retail catchment of 228,000. The asset is the dominant retail park in Stirling and extends to 162,593 sq. ft. across 12 units. It is let to 10 tenants and produces a passing rent of £2.23 million per annum.
The park is anchored by B&Q, with otherRead More