Glenrothes buys Saltire park for £13.8 million

Prudential Property Investment Managers (PruPIM) has sold the Saltire Retail Park, Glenrothes, to Glenrothes Retail for£13.8 million.

The sale reflects a net initial yield of 5.73 per cent, but this is expected to rise on settlement of an outstanding rent review.

The 107,280 sq ft (9,965 sq m) park is multi-let to five tenants, including Homebase, Matalan, MFI and Carpetright. It generates an annual rent of£834,000.

DTZ Debenham Tie Leung advised PruPIM. Drivers Jonas acted on behalf of Glenrothes Retail LLP. DTZ associate director Gwynn Thomson said: 'Investor appetite for retail warehouse investments remains exceptionally strong. This resulted in interest from a wide range of investors, including specialist vehicles, property companies and institutions.'