Lothian Pension Fund has completed a deal to buy Corstorphine Retail Park in Edinburgh from Hunter Real Estate Investment Management for nearly £16.3m.
The park recently underwent extensive redevelopment with lettings secured to Lidl and The Gym Group, and further lease re-gears to McDonalds, Pets at Home and Cancer Research. The average lease length at the retail park exceeds 18 years.
Chris Macfarlane, director of Lismore Real Estate Advisors, which advised the buyer on the deal, 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 with an element of drive-thru, located in strong urban catchments, remain robust and still offer good value.”
