Wickes warehouse site sold off for £6m to family trust

The warehouse site sold for over the asking price to a UK-based family trust who out-bid five others.

Wickes warehouse store in Edinburgh sold for £6m to family trust Frame

A Wickes store building in Edinburgh has been sold in a £6m deal.

The retail warehouse on Stevenson Road is 21,935sqft and was marketed at £5.6m.

It is let to building supplies provider Wickes and has now been acquired by a UK-based family trust.

The property attracted six bids at its closing date with the five underbidders said to be Scottish high-net-worth individuals and entrepreneurs.

Real estate agents Knight Frank acted for the vendor, a UK property fund, with the deal representing a net initial yield of 5.1%.

Alasdair Steele, head of Scotland commercial, said: “There was a relatively deep buyer pool for 45 Stevenson Road given its location, long-term income potential, and the strength of its sole occupier. It is relatively rare an asset like this comes to the market, but we expect similar opportunities to emerge in the months ahead.

“For family trusts and high-net-worth individuals, wealth preservation is a big motivator in the current macro-economic environment. The Wickes building is a great example of a property that can act as a hedge against inflation through an attractive level of income while preserving capital.”

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