Heathfield Retail Park was purchased in 2011 by Europa Capital and Ediston Real Estate and has subsequently been refurbished and extended to 190,000 sq ft by the partnership.
Major tenants now include Marks and Spencer, Homebase, DFS, Curry’s, PC World, Halfords, Poundworld, KFC and Pizza Hut. An agreement for lease has also been signed with B&M Stores for a unit which is currently being extended.
James Brodie, Director at Europa Capital, said: “Heathfield Retail Park is an excellent example of Europa Capital transforming an asset. Since acquisition there has been a major refurbishment of the frontages and car park, construction of a new 30,000 sq. foot retail terrace which has been leased to Marks & Spencer, B&M Retail and Tapi Carpets & Floors and the addition of new retail units in the car park.
“This sale represents the eleventh disposal from the partnership and underlines Europa Capital’s focus on returning capital to its investors”.
Commenting on the transaction for Ediston Real Estate, Danny O’Neil said: “As a result of proactive asset management Heathfield Retail Park is now South Ayrshire’s pre-eminent retail park and has seen a significant increase in trading performance since acquisition. Nine new tenants have been introduced to the park since 2014 which include major retailers such as DFS, Marks & Spencer, Greggs, Costa Coffee and B&M Stores.”
Allsop advised the seller.