Retail park in affluent Glasgow suburb sold for nearly £12million

The two units at West Retail Park in Milngavie, which is in the north of the town, are let to discount supermarket Aldi and general goods retailer Home Bargains until June 2039 and June 2034 respectively.

The units were acquired by First World Hybrid Real Estate (FWHRE), an Isle of Man regulated fund listed on the International Stock Exchange (TISE).

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Bosses noted that over the past 24 months supermarket and discount store assets have been “highly sought after” with investors attracted by retailers’ resilient business performance and long leases that characterize the sector.

West Retail Park in Milngavie is home to Aldi and Home Bargains stores.

The purchase price at West Retail Park of £11.7 million reflected a net initial yield of 4.86%.

Lismore Real Estate Advisors and Avison Young jointly advised the buyer, while Sheridan Keane acted for the seller.

Last month, Lismore Real Estate Advisors said investments in Scottish commercial property had held up in the face of volatile market conditions with a “wall of foreign capital” seeking prime assets.

Publishing his latest review, Lismore said the investment market had done “surprisingly well” with investment volumes trading at just under £1.35bn in 2021, an increase 24% compared to the total for 2020.

The emergence of the Omicron variant and the return of restrictions “continue to pose challenges to the broader real estate market and the global economy,” the company added, but trading in the fourth quarter remained strong at around 520. million, up 27% from the last three. month of 2020.

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‘Foreign capital wall’ chases Scottish property assets as volumes surge 24%…

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