LEADING real estate advisor CBRE has completed the sale of Dumfries Retail Park on behalf of a local government pension fund for £11 million.
It was purchased by a London-based private investor, represented by Archer Property Consultants.
Located on the edge of the town centre in the out-of-town retail cluster, Dumfries Retail Park occupies a highly visible position on the Kilmarnock roundabout at the junction of the A75 Dumfries bypass.
The scheme, which extends to 85,752 sq ft and sits on a site of 7.55 acres, is anchored by a recently re-geared 28,050 sq ft Wickes store. The remainder of the park is occupied by tenants including Home Bargains, Currys, Carpetright and Greggs.
Martyn Brown, Director at CBRE, commented: “We’re pleased to announce the sale of this high-profile retail park in Dumfries. With a strong tenant mix and a prime location, including the potential to take advantage of multiple asset management opportunities, the sale attracted strong interest from a range of UK-wide investors.”
Derek Archer of Archer Property Consultants, who represented the purchaser, added: “We’re very pleased to complete this purchase on behalf of our private client. The retail park will provide our client with a good medium to long-term core income, secured to an excellent tenant line-up and let off sensible and sustainable rents. There is also the opportunity to enhance the tenant roster via the letting of the remaining vacant space and potential to add a further pod cluster or single unit.”
