Standard Life Investments has sold the Nethergate Centre in Dundee to Melville Crescent Ventures, a joint venture between Kenmore Property Group and Lehman Brothers. The price of Â£4.7 million shows a net initial yield of 10.8%.
The centre occupies a substantial portion of an island site between the Overgate Shopping Centre and the railway station. The building comprises nearly 85,000 sq ft of retail mall and office accommodation, together with associated car parking.
Melville Crescent Ventures intends to carry out a comprehensive refurbishment and rebranding of both the office and retail elements of the scheme over the next 12 months. This will provide flexible open plan space at competitive rents.
Eric Young & Co acted for Standard Life Investments and Whitaker Horton represented Kenmore.
Source: Scottish Property Network