Hammerson plc has completed the purchase of the freehold interest in Fife Central Retail Park, Kirkcaldy, from Stannifer Group Holdings Limited for Â£74.7 million, including costs. The current rental income is approximately Â£3.4 million per annum.
Fife Central Retail Park, which opened in 1997, currently comprises 27,700 mÂ² (298,500 ftÂ²) of retail warehouse accommodation, including Sainsburyâs, Next, Homebase, Boots, JJB Sports, Comet and Halfords. The park benefits from a part Open A1 planning consent. Kirkcaldy is located on the north coast of the Firth of Forth, approximately 30 miles north of Edinburgh.
John Richards, Chief Executive of Hammerson, commented: "Following our success in the retail parks sector, we have been actively seeking additional opportunities for expansion. This property is well let and has significant reversionary potential, with further opportunities to add value through active asset management and development."
Hammerson was represented by FPDSavills. The vendor was represented by Montagu Evans.