Sainsbury’s-anchored Livingston retail park heads to market with £34.5m price tag
A Sainsbury’s-anchored retail park in Livingston, Scotland, has been placed on the investment market with an asking price of £34,450,000, reflecting a net initial yield of 6.75%.
Almondvale South Retail Park extends to approximately 146,237 sq ft and is fully let to four national retailers.
The anchor tenant Sainsbury’s – which accounts for 68% of the scheme’s total rental income – recently completed a lease regear providing a term certain of circa 19 years.
Other tenants at the retail park include Home Bargains, The Food Warehouse, and Sports Direct. The scheme has a weighted average unexpired lease term of 14.9 years to expiry and produces a passing rent of £2,482,661 per annum.
Located some 15 miles west of Edinburgh and 30 miles east of Glasgow, Livingston is the administrative centre of West Lothian and is Scotland’s third largest town.
Almondvale South Retail Park is situated within the town’s main retailing cluster within Livingston. Nearby schemes include Livingston Designer Outlet as well as The Centre, Livingston, which serves as the town centre.
XProp and Montagu Evans have been appointed to find a buyer for the scheme.