Corum Asset Management buys park for £12.25 million
East Kilbride retail park has been bought by London-based Corum Asset Management for £12.25 million, representing a net initial yield of 10.49%.
The 59,404-sq ft site is part of a substantial retail warehouse cluster in East Kilbride, adjacent to Kingsgate retail park, with the current tenant line up including The Range, Pets at Home, Currys PC World and Halfords.
The purchaser was represented by Knight Frank, while Cushman & Wakefield acted on behalf of the vendor Aberdeen Standard Investments.
Rhu Wishart, surveyor at Knight Frank Edinburgh, said: “The deal for East Kilbride Retail Park shows there is still an appetite for well-located retail warehouse assets, despite the challenges posed by online shopping. It also underlines investors’ desire for long-term income supported by strong covenants while macro-economic conditions remain uncertain.