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Crown Estate Scotland has acquired Seafield Retail Park in Edinburgh for £5.7m from Rankeilour Properties.
The five-unit retail park extends to 24,815 sq ft and is fully let to tenants including Halfords, Connection Flooring, McGuirks Golf, Greggs and Subway, generating annual rental income of £428,630.
The park also features EV charging operated by FOR:EV.
Jamie Thain, investment partner at Galbraith, which advised on the sale, said: “They have executed their business plan for this prominent park over the last five years and the sale underlines the strength of the sector and also Edinburgh as a location for investment.”
He added: “Throughout the country, the retail warehouse sector continues to see strong levels of tenant demand and rental growth, which in turn underpins pricing.”
Rankeilour Properties bought the property in late 2020 and subdivided Unit 3 to accommodate Greggs and Subway while bringing EV charging to the park.
Unit 2a is now occupied by McGuirks Golf’s first mainland UK store, having previously been let to Archers Sleepcentre.
Jack Chandler, of CBRE, which represented Crown Estate Scotland, said: “The retail warehouse sector has continued to demonstrate strong performance in a challenging wider market. The acquisition by Crown Estate Scotland demonstrates their ambition to diversify their portfolio into well positioned, strategic, and resilient real estate.”
Galbraith acted for Rankeilour Properties with legal advice from Shepherd & Wedderburn.
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