AN ACTIVE developer in Scotland, the Belfast-based Vico Properties
announced yesterday that it had sold its ambitious Glencairn retail park
development in Kilmarnock to Boots Properties for almost #8.9m, offering
a yield of 8.65%.
The 102,000 sq ft scheme links into an adjacent Safeway superstore.
The majority of its blue-chip retailing tenants, including Aldi, the
largest food discounter in Europe, are now trading.
Understandably pleased with the deal Colin Taylor, Vico's property
director, said that with adviser Griffin Webster the group had managed
against difficult odds to bring the project through the recession and
deliver a quality scheme which was both pre-let and pre-sold.
''On a corporate level this will help to provide a solid platform for
rapid expansion and growth,'' he said.
The group also retained some land and acquired a further property
adjacent to the retail park, with a view to developing a fast-food
project.
This has now been pre-let to Pizza Hut at #54,000 annual rental and
pre-sold to Boots Properties with around 8.25% yield. Subject to
consents, it could be trading early next year.
Vico recently bought a former Royal Bank of Scotland building and
adjacent site in Kilmarnock town centre, letting the building to
Ladbrokes at #30,000 annual rental, with plans for four new shop units
on the redeveloped site.
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