A private Irish investor has paid£74.5 million for Edinburgh's Cameron Toll Shopping Centre, which is in the throes of a refurbishment and extension.
The vendor was the Cameron Toll Limited Partnership, made up of Edinburgh-based Kilmartin Property Group, Portfolio Holdings, Apollo Real Estate and Abbey National Treasury Services. The purchase price reflects an initial yield of 6.6 per cent.
CTLP will retain a financial involvement in the centre and continue to drive the redevelopment of the north mall. A planning application has recently been lodged for an additional 10,000 sq m of retail space.
The proposed redevelopment of the north entrance will include two large stores of 3,650 and 1,500 sq m, three new retail units of 600, 140 and 190 sq m respectively, plus a health club with swimming pool and a restaurant.
Subject to planning permission, work is due to begin this summer with the leisure and retail opening for Christmas next year.