BauMont Real Estate Capital (BauMont) has acquired Hermiston Gait Retail Park in Edinburgh with operating partner Ediston Properties from Aberdeen Standard Investments for £65 million.
The retail park is located to the west of the city centre and occupies a highly prominent position at Junction 1 of the M8 and Edinburgh’s City By-Pass/A1.
The property totals 306,000 sq. ft. of retail warehouse accommodation across 13 units and benefits from predominantly Open Class 1 consent. The park is anchored by Tesco and B&Q with other national retailers including TK Maxx, Decathlon, Wren Kitchens and Costa.
Natalie Harrison, U.K. Investment Director at BauMont, said: “The park benefits from many appealing attributes including the relative defensiveness of the majority of tenants to internet shopping, significant residential development in the area planned over the next ten years and opportunities to improve the tenant line up with the letting of the vacant units. We are delighted to be working with Ediston who with their excellent track record, will be instrumental in delivering the Business Plan and ensuring the park reaches its full potential.”
Alastair Dickie, Development Director with Ediston Real Estate, said “We are thrilled to assist BauMont with their first retail park acquisition, a sector we know and understand well. The acquisition provides a number of immediate opportunities to add value through intensive asset management.”
Savills advised the vendor and Coates and Co advised the purchaser.