Dundee retail park handed £27.1m price tag
A retail park in Dundee has been placed on the market with an asking price of £27,133,000, reflecting a net initial yield of 7.5%.
Gallagher Retail Park comprises six units across a gross internal area of 137,100 sq ft. The scheme was constructed in 2003 and is anchored by flagship 35,000 sq ft store, which opened in July 2024.
Other retailers at the scheme include Tk Maxx, Cancer Research UK, and Matalan, whilst Superdrug and Mountain Warehouse are expected to open in Q3 of 2025 pending lease negotiations.
Upon completion of the lettings to Superdrug and Mountain Warehouse, Gallagher Retail Park is expected to have a weighted average unexpired lease term of circa 9.6 years to expiry and produce an annual rent of £2,118,540, or £15.96 per sq ft.
The scheme is also supplemented by a 573-space car park.
The nearby retail provision includes Kingsway West Retail Park, a 299,969 sq ft scheme situated adjacent to a B&Q and Tesco store, and The Stack Retail Park, which spans 200,000 sq ft and is anchored by Home Bargains. To the east of the city is Kingsway East Retail Park, a 100,000 sq ft retail cluster located in close proximity to an Asda supermarket.
Gallagher Retail Park is also set to benefit from the construction of The Eden Project Dundee, which will be developed adjacent to the scheme in the late 2020s and is expected to attract 500,000 visitors a year.
Park Place Retail has been appointed to find a suitable purchaser.