Lismore Real Estate Advisors has advised a South African Fund on the purchase of Units 1A & 1B, West Retail Park, Milngavie, Glasgow.
West Retail Park is located in the affluent suburb of Milngavie. The 2 units are let to Aldi Stores Limited and TJ Morris Limited (t/a Home Bargains) until June 2039 and June 2034 respectively. The Aldi rent reviews are linked to RPI (1% – 2.5% per annum) compounded. The total passing rent is £606,211 per annum.
The retail park was purchased for £11.70 million which reflected a Net Initial Yield of 4.86%.