Crown Estate Scotland acquires £5.7m Edinburgh retail park
Crown Estate Scotland has acquired Seafield Retail Park in Edinburgh for £5,724,500 from Rankeilor Properties.
Extending to 24,815 sq ft, the scheme comprises five units, fully let to Halfords, Connection Flooring, McGuirks Golf, Greggs, and Subway, producing an annual rental income of £428,630.. The retail park also benefits from electric vehicle charging stations, operated by FOR:EV.
Rankeilour Properties acquired the property in late 2020 and have since implemented an active asset management strategy, which included the subdivision of Unit 3, now let to Greggs & Subway, as well as introducing EV charging to the park. In addition, Unit 2a – previously let to Archers Sleepcentre – is now occupied by McGuirks Golf’s first mainland UK store.
Galbraith acted for the vendor, whilst CBRE acted for the purchaser.
Jamie Thain, investment partner at Galbraith, said: “We are delighted to have completed this sale on behalf of our client Rankeilour Properties, having advised on the acquisition in 2020. 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.
“Throughout the country, the retail warehouse sector continues to see strong levels of tenant demand and rental growth, which in turn underpins pricing. Retail parks and out‑of‑town terraces remain among the strongest‑performing retail sub‑sectors. Vacancy rates continue to tighten and rental growth is being achieved in most well‑located schemes. This is largely being driven by consumer preference for easily accessible locations with free parking, value‑led operators, and efficient store formats.”
Jack Chandler of CBRE, added: “Seafield Retail Park lies within a strategic location of future investment and redevelopment. In addition to this, 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.”