Shops in Gladedale’s and HBOS’s Quartermile development have been sold to a private Scottish investor for £3.3m.
The buyer, a client of Scottish consultancy Ryden, has bought the 7,000 sq ft retail development at a net initial yield of 4.95%.
The retail units, on the ground floor of the Veridian residential building, are occupied by Starbucks, Sainsbury’s and Swedish baker Peter’s Yard.
Sainsbury’s and Starbucks have 15 year leases on 4,000 sq ft and 1,800 sq ft respectively.
Not actively marketed
‘Although we were not actively marketing this investment opportunity, we were approached by a number of interested parties and we’re delighted with the enthusiasm shown by potential investors,’ said Steven Hendry, associate director at CB Richard Ellis who acted for Gladedale.
’The price achieved represents a yield of just under 5%, which is a tremendous result in the current climate.
‘The price paid reflects the high quality nature of Quartermile and demonstrates the multi-let type of product is still popular with investors, despite the difficult market at present.’
The £450m Quartermile development is Scotland’s largest urban redevelopment project and, when completed, will include 900 apartments, 323,000 sq ft of offices and 108,000 sq ft of retail and leisure space.