Lothbury Investment Management, on behalf of Lothbury Property Trust, has completed the sale of Stockbridge Retail Park in Linlithgow, West Lothian, to a UK-based private investor for €10.8m (£9.4m), reflecting a net initial yield of 6.05% (rising to 7.42% on expiry of rent free periods).
Stockbridge Retail Park is an open Class One (A1) retail park, lying in a prominent position fronting the A803 Falkirk Road and was constructed in 2006. The Park has enjoyed high levels of occupancy and good trading performance and provides approximately 55,876 ft² (5,191 m²) of retail warehouse accommodation, arranged in five units ranging from 5,008 ft² (465 m²) to 25,000 ft² (2,323 m²).
Current tenants are B & M Retail, Poundworld, Pets at Home, Argos and Peacocks Stores. The Park generates an income of c. €848,400 (£740,500) per annum following the expiry of current rent free periods.
Mike Toft, Senior Fund Manager and Executive Director of Lothbury Investment Management, said: “Stockbridge Retail Park has been part of the Lothbury portfolio for over ten years, since we purchased the park from the developers, and has guaranteed a strong income return for the Fund. We are delighted to have completed the sale of this asset, ahead of valuation, following the conclusion of our asset management plan”.
