Greenridge Investment Management is pleased to announce the sale of Inshes Retail Park in Inverness to British Land Plc in an off-market transaction advised by Savills.
The out-of-town park comprises seven retail warehouse units and two drive thru units totalling 160,000 sq ft. The park is anchored by B&M, Dunelm, Hobbycraft, Matalan, and Bannatyne Gym with a two storey McDonalds and a Costa drive thru. The scheme also benefits from an extensive on-site car park providing 617 dedicated spaces on a site of approximately 13.95 acres. The retail park is adjoined by Aldi and Tesco Extra.
The property was one of a number of retail parks that Greenridge acquired during the Covid pandemic, purchasing the asset in Autumn 2020 for around £16m from Abrdn. British Land
purchased the property for around £28m, reflecting a yield of 7.6%.
Alex Walker, partner at Greenridge, adds: “After four years of ownership, we’re delighted to have successfully concluded our business plan for this high-quality retail park in Inverness. Acquired in the Autumn of 2020 at levels reflective of market pricing at the time, the team has completed several excellent initiatives which have enhanced the asset and enabled an exit in today’s more attractive market environment.”