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27 April 2021

Renfrew Road retail park units sold to US investor for over £12 million

London & Scottish Property Investment Management has completed on the sale of two properties at Renfrew Road Retail Park in Paisley for a price in excess of £12 million to an unnamed US investor.

Knight Frank and Sheridan Property Consultants acted for the vendor, while Lismore Real Estate Advisors represented the purchaser.

The property comprises two retail units tenanted by Marks & Spencer and The Range. Both are part of the wider Renfrew Road Retail Park, which was developed by London & Scottish Developments and also includes a Tim Hortons drive through and a Lidl supermarket.

In 2015, London & Scottish acquired the site, which was formerly a derelict industrial estate and bowling alley that closed in 2010. Following a consultation process to secure planning consent, construction started in 2018 and Lidl, The Range and Tim Hortons started trading in 2019. In early April 2021, the final unit was handed over to Marks & Spencer for fitting out as an M&S Foodhall.

Andy Richardson, Group Development Director at London and Scottish Developments, said: “Renfrew Road Retail Park is a quality development in a popular location. It fits the profile of what commercial property investors are currently looking for: modern retail park stock let to good tenants in strong locations. We expect strong demand for retail warehousing investments this year due to their attractive yield relative to other market sectors.

“This deal represents a major step forward for our development portfolio. It follows the £90 million sale last year of two student residential developments in Leeds and Sheffield, and we hope to soon complete on the disposal of other retail developments in our pipeline.”