Rankeilour Properties has sold Seafield Retail Park in Seafield, Edinburgh, to Crown Estate Scotland for £5,724,500.
The 24,818 sq ft park comprises five units let to Halfords, Connection Flooring, McGuirks Golf, Greggs and Subway.
Rankeilour Properties acquired the property in late 2020 and implemented an active asset management strategy, subdividing Unit 3, which is now let to Greggs & Subway, and agreeing a deal with FOR:EV to offer EV charging. The park produces total annual rental income of £428,630.
Jamie Thain, investment partner at Galbraith, which advised Rankeilour Properties on the sale, said: “We are delighted to have completed this sale on behalf of our client Rankeilour Properties, having advised on the acquisition in 2020. They have executed their business plan for this prominent park over the last five years and the sale underlines the strength of the sector and also Edinburgh as a location for investment.
“Throughout the country, the retail warehouse sector continues to see strong levels of tenant demand and rental growth, which in turn underpins pricing. Retail parks and out‑of‑town terraces remain among the strongest‑performing retail sub‑sectors. Vacancy rates continue to tighten and rental growth is being achieved in most well‑located schemes. This is largely being driven by consumer preference for easily accessible locations with free parking, value‑led operators, and efficient store formats.”
Jack Chandler, from CBRE, which advised Crown Estate Scotland, added: “Seafield Retail Park lies within a strategic location of future investment and redevelopment. In addition to this, the retail warehouse sector has continued to demonstrate strong performance in a challenging wider market. The acquisition by Crown Estate Scotland demonstrates their ambition to diversify their portfolio into well positioned, strategic, and resilient real estate.”
