15 hours ago
Major Scots retail park with Aldi, B&M & Home Bargains hits market for £18M
FOR SALE Major Scots retail park with Aldi, B&M & Home Bargains hits market for £18M
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A POPULAR Scots retail park has gone on the market with a price tag of a cool £18million
Portlethen Retail Park, just south of Aberdeen, boasts high street staples such as Home Bargains, Aldi, Matalan and B&M.
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The park was once the site of a former Homebase store, which closed in 2018
The 107,072 sq ft space brings in a total annual rental income of £1.35m per year.
The park is being sold by agents Sheridan Keane who say the sale reflects an 'attractive' yield of 7%.
The retail park comprises four single-storey units with metal-clad exteriors, glazed shopfronts which look onto the car park and service access to the rear.
The site also hosts 530 car parking spaces and is neighbours with an adjacent Asda store and McDonalds drive thru restaurant, which helps to attract customers.
The park was once the site of a former Homebase store, which closed in 2018, as part of a UK-wide restructuring when the home improvement firm was sold to Hilco for £1.
The building was then split into two new units and let to Aldi and Home Bargains.
Bargain supermarket Aldi opened in October 2021, which was attended by Olympic rower Karen Bennett, part of Team GB.
The new store created 35 jobs in the area and has emerged as one of the park's strongest performers, with £17.9m turnover in the year to December 2023.
B&M, which has extended to add a garden centre, reported a £4.4m in turnover last year, while Home Bargains reported £4.2m, as reported by the Press and Journal.
Matalan generated £1.1m in the year to February 2024 and has sublet 10,000 sq ft to Argos until 2029.
Why are so many shops going bust?
Portlethen Retail Park serves a catchment population of around 500,000 and is strategically positioned on one of the north-east's main arterial roads.
It is being marketed for sale for £18,150,000.
Agents say the site offers a secure income profile with 'undoubted covenants' and a tenant mix aligned with current consumer demand for value-led retail.
Shoppers in the area spend around £19m a year on non-food items, providing strong demand for retailers.
For shoppers, the sale won't mean any changes.
All four main stores – Aldi, Home Bargains, B&M and Matalan – are staying put, and the retail park will continue to operate as normal under new ownership.
