No Bargains in Alloa this Christmas!
Cordatus has advised GE UK Real Estate on the sale of a retail warehouse and development land at Alloa Retail Park, which completed just before Christmas
The asset comprised a 25,000 sqft purpose built retail warehouse constructed in 1998, with an adjacent ½ acre development plot, next to a Morrison’s supermarket and petrol station. The unit which benefits from open Class 1 (non-food) Retail use, was let to B&M Bargains until September 2023, at a passing rent of £212,500 pa.
The property was sold for a price 34% above the current valuation, reflecting a net initial yield of c6%.
Andrew Murray, Asset Manager, commented…
“We are delighted to conclude the sale of this asset and achieve a strong exit price for our client. This demonstrates that for the right product there are still deals to be done in the regions.”
Coates and Co acted as joint sales agent.
