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Halbeath Retail Park

Halbeath Retail Park, Dunfermline, KY11 4LP 125,565 sq ft

Description

Dunfermline is situated 19 miles north west of Edinburgh, a 20 minute drive via the M90 motorway. The recently constructed Queensferry Crossing, 5 miles to the south, further improves connectivity with Edinburgh. Large and expanding catchment population with over 173,000 people within a 15 minute drive. The town’s population has increased by 20% over the past 15 years. Further significant residential development set out in the Local Development Plan, with an additional 7,000 new homes in Dunfermline. Very limited supply of retail warehousing in Dunfermline. A modern retail warehouse scheme providing 125,565 sq ft occupied by Homebase, B&M, Currys, Pets at Home, Halfords, Carpetright, Argos and a recent letting to Tapi. Strategically located within the Dunfermline Eastern Expansion Area and close to the M90 motorway. Adjacent to an 81,000 sq ft Asda foodstore. WAULT of 6.0 years (4.1 years including breaks). Total current rent of £1,862,606 per annum (including a rental guarantee), with an average rent of £14.83 per sq ft. Planning consent granted for an additional 111,805 sq ft of retail space (including mezzanines). Held in Heritable Title (the Scottish equivalent of English Freehold). We are instructed to seek offers in excess of £26,400,000 (Twenty Six Million, Four Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level, apportioning £1,500,000 to the development site, reflects an attractive net initial yield of 7.00%, assuming full purchaser’s costs.

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