Livingston’s Almondvale West Retail Park has been brought to the market at a guide price in excess of £19.125m, reflecting a net initial yield of 7.75%.
Located adjacent to the Livingston Designer Outlet, the scheme totals 102,168 sq ft, with recently refurbished - in 2018 - units 100% let to tenants including Next, TK Maxx, Smyths Toys and Decathlon.
Savills is acting on behalf of an institutional investor, which is selling the retail park.
In 2014, Land Securities sold The Centre and Almondvale West Retail Park, in a deal valued at £224.1m, to HSBC Alternative Investments.
The weighted average unexpired lease term is 5.16 years to breaks and 9.95 years to expiries (excluding car parking income).
The current total rent passing across the whole scheme, including the car park, is £1.5m per annum, which equates to £11.60 per sq ft on the retail warehouse element.
Nick Penny, head of Savills Scotland and investment director, commented: “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.”
Jaime Dunster, UK investment director at Savills, 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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