The commercial property market in Scotland has received a boost, following news that Ediston properties have splashed out on the Heathfield Retail Park in Ayr.
Heathfield Retail Park was built in 1994, on the site of a former RAF base, located 1.8 miles to the North East of the city of Ayr. The retail park was marketed by Estate Agent, Savills, as ‘the dominant retail warehouse location within Ayr.’ Brands which take up residence in the retail park are Homebase, Harveys, Dreams, Carpetright, Bensons for Beds, Halfords, PC World, Currys, Comet, KFC, Pizza Hut and ASDA.
Ediston Properties have purchased the 142,000 sq ft property, for a cool £32 million in a joint venture deal. Nathalie Thomas, said in the newspaper Scotland on Sunday, the purchase is ‘a rare deal for the still stagnant commercial property market north of the Border.’
Established in November 2003, Editston Properties is a privately owned Commercial Property Company and niche Fund Management business with its head offices located in Edinburgh. The company website says, ‘Ediston remains a young and ambitious company working across all sectors of the UK property market. The core of the business is the Directors’ abilities to deliver consistent good returns from real estate investment for their clients’ and to secure and deliver profitable development projects.’
Founding partner of Ediston, Danny O’Neill, told of the intention to add further retail space to the Healthfield Retail Park site. He told Scotland on Sunday that the joint venture intends to add a further 30,000 sq ft of space, saying; ‘There is some good demand for units and it’s the only retail park in Ayr.’
O’Neill was also keen to point out that Ediston intends to invest even further in the UK commercial property market over the coming months, with the joint venture still having around £150 million at its disposal to spend during the next year or so. O’Neill said: ‘We want to fund assets that aren’t quite prime that we can turn into prime assets through refurbishment.’
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