Edinburgh’s only Wickes store has been sold for £6 million after six bidders drove the price up from an initial £5.6m.
As reported by Insider, the 21,935 sq ft property on Stevenson Road is let to Wickes building supplies provider on a long-term lease, and the property was marketed for just over £5.6m.
It has been acquired by a UK-based family trust after the bidding process which highlighted the continued appeal of urban retail warehousing.
The property attracted six bids at its closing date. The five underbidders were all Scottish high net-worth individuals and entrepreneurs.
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Alasdair Steele, head of Scotland commercial at Knight Frank, said: “There was a relatively deep buyer pool for 45 Stevenson Road given its location, long-term income potential, and the strength of its sole occupier.
“It is relatively rare an asset like this comes to the market, but we expect similar opportunities to emerge in the months ahead.
“For family trusts and high net-worth individuals, wealth preservation is a big motivator in the current macro-economic environment - the Wickes building is a great example of a property that can act as a hedge against inflation through an attractive level of income, while preserving capital.”
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