Wed, 01 Jun 2022 | COMMERCIAL PROPERTY
The Almondvale West Retail Park in Livingston has gone up for sale, with offers being sought of over £19.125 million, a guide price reflecting a 7.75 per cent net initial yield. The 102,168 sq ft retail park, which was refurbished in 2018, is 100 per cent let, with tenants including Decathlon, Next, Smyths Toys and TK Maxx.
The park, located next to the Livingston Designer Outlet, is being sold by Savills on behalf of an institutional investor. The site comes with average unexpired lease terms of 5.16 years to breaks and 9.95 years to expiries. Across the whole park, current total rent, including the site’s car park, is £1.5 million per annum, equating to £11.60 per sq ft on Almondvale West’s retail warehouse element.
The sale comes at a time when retail is increasingly shifting from city centre high streets to out-of-town parks, driven by the impact of COVID-19 and the growing popularity of multi-channel shopping models embracing both in-person and online retail.
As noted by Savills, retail parks have proven particularly resilient to COVID-19, with the property agent also saying that Livingston is one of Scotland’s key retail park destinations. The park is located 15 miles from Edinburgh and 31 miles from Glasgow. Moreover, Savills states that 60 per cent of the population of Scotland and 54 per cent of the country’s businesses are located within an hour’s travel of the park.
Head of Savills Scotland and Investment Director Nick Penny said: “Almondvale West presents an extremely attractive opportunity to acquire a well let, strongly performing retail park in a strategic location that secures its ongoing success serving the wide local catchment.”
Savills UK Investment Director Jaime Dunster added: “Retail parks emerged as the most resilient in the retail sector throughout the pandemic thanks to the less severe decline in footfall and sales and have consequently become one of the most sought after asset classes in 2022.”
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