Orchard Street acquires Straiton Retail Park, Edinburgh
29 November 2011
Orchard Street Investment Management LLP, the specialist commercial property investment manager, announces that it has completed the acquisition on behalf of St James’s Place property funds, of Straiton Retail Park in Edinburgh for approx. £24.5 million, reflecting an initial yield of 6.16%. The vendor was BA Pension Fund.
The Park comprises a terrace of six retail warehouses and 2 pod units with a total floor area of 71,371 sq ft. The park benefits from an Open Planning Consent including part food. Tenants include Laura Ashley, TK Maxx, Dunelm, Carphone Warehouse, Poundworld and Dreams.
Situated in South East Edinburgh, the Park is four miles from the city centre and adjacent to the junction of the Edinburgh City Bypass. The surrounding area forms a major shopping destination for Edinburgh and the nearby towns with nearby occupiers including IKEA, Costco, Sainsburys, Boots, Next and M&S.
Commenting on the transaction, Chris Bartram, Chairman at Orchard Street said
"This acquisition offers an excellent investment opportunity which we believe will perform strongly for St James Place. The combination of an open planning consent, proven market rents, strong covenants and strong demographics means the park trades exceptionally well and has all the characteristics necessary for growth"
END
For more information:
Dido Laurimore/ Talia Shirion
FTI Consulting
+44 (0)20 3727 1000
osim [at] fticonsulting.com
Notes to Editors:
Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market with £4.2 billion of AUM (as at 30 June 2022). It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial warehouses, retail warehouses, and offices.