The property provides 63,160 sq. ft. of retail warehousing, anchored by Homebase, with parking for 386 cars, on a five acre site. The weighted average unexpired lease term is just under ten years. Two units totalling 11,666 sq. ft. are vacant. One kiosk totalling 550 sq. ft. is also vacant but benefits from a two-year rent, rates and service charge guarantee from the vendor. This will be drawn down as income until the unit is let and income producing, or the guarantee period ends.
Calum Bruce, Director of Investment at Ediston Properties Limited, the Company’s Investment Adviser, said: “This purchase is in line with our strategy of acquiring quality assets with good, core income streams, but with angles to be exploited through active asset management and a focused letting strategy. We are confident that we will be able to attract high calibre tenants to the vacant units.“