Edinburgh retail park sold to Lothian Pension Funds for £16m

Hunter Real Estate Investment Management has sold Edinburgh‘s Corstorphine Retail Park for £16.3m to Lothian Pension Fund. The fund is the second-largest Local Government Pension Scheme in Scotland.

The park has recently seen extensive refurbishment and welcomed new lettings to Lidl and The Gym Group, who split the 27,511sq ft unit previously let to PC World. It has also renegotiated leases to McDonalds, Pets at Home and Cancer Research, giving an average lease length of more than 18 years.

Chris Macfarlane, director of Lismore, said: “Towards the end of 2022 and into this year we have seen retail warehousing yields soften, but those parks anchored by food stores and also with an element of drive-thru, located in strong urban catchments, remain robust and still offer good value.”

Lothian Pension Fund was advised by Lismore Real Estate Advisors.