Aberdeen’s Kittybrewster Retail Park has been put up for sale with a £46 million pricetag.
The popular site is home to tenants including Halford’s, B&M, TK Maxx and the recently added JD Sports.
Owners New River have now instructed Jackson Criss to sell the site just three years after buying it.
A joint venture between New River and BRAVO Strategies III, a fund managed by Pimco, bought Kittybrewster Retail Park, Telford Retail Park in Inverness, units in Kingsway East Retail Park in Dundee and Wakes Retail Park on the Isle of Wight, from Zurich Assurance for a total of £60.5million in May 2019.
However, describing it as “Aberdeen’s premier retail park”, it is now on the market for offers in excess of £46.2m.
It consists of a total of 13 units, made up of two primary terraces of retail warehousing which have been divided into 11 individual units.
Retails parks ‘best way’ to compete with online selling
Robert Gordon University senior lecturer in retail and marketing Andrew Turnbull said: “The prospective sale of the Kittybrewster Retail Park is indicative of the continued attraction of a retail provision that includes a good mix of outlets, containing flagship names, along with some fast food, so offering a combination that appeals to shoppers.
“Access remains something of an issue, but apparently the park remains able to command a decent price, reflecting the ongoing commercial appeal and convenience of a multi-function retail operation.
“Shopping malls and retail parks are presently the best way to compete with online retailers, given that they provide an experience, an atmosphere, and a change of environment, with sufficient variety and value that they deliver something the virtual offering cannot.”
Number of retail parks up for sale
The retail park is one of a number up for sale in the city.
The Press and Journal revealed earlier this year that Aberdeen’s Union Square was being lined up for a sale by its owner, Hammerson with property giant JLL understood to have been tasked with finding a buyer for shopping centre.
React News has reported a price tag of £150 million, but it may include other assets.
Mike Ashley’s Frasers Group put Berryden Retail Park in Aberdeen up for sale earlier this year as part of a portfolio expected to fetch upwards of £320m.
US investor swooped for Beach Boulevard park
In February this year the Beach Boulevard Retail Park in Aberdeen changed hands in a deal believed to be worth £60 million.
Its new owner is California-based Realty Income Corporation (RIC), a property trust that invests in free-standing, single-tenant commercial properties in the US, UK and Spain.
RIC acquired the site from abrdn – formerly Standard Life Aberdeen – following a hotly-contested bidding process, according to real estate industry website React News.
It was the US trust’s second major purchase in the Granite City, with it having previously acquired Garthdee Retail Park in a deal worth nearly £33m.
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