£24m deal to buy Loanhead retail park

Part of a Loanhead retail park has been sold in a £24.5 million deal.

The acquisition of the east section of Straiton Retail Park, which includes TK Maxx, Carphone Warehouse and Laura Ashley, has been completed by Orchard Street Investment Management on behalf of St James’s Place property funds. The vendor was BA Pension Fund.

This area of the retail park comprises of a terrace of six retail warehouses and two pod units. The park benefits from an open planning consent including part food.

Oxford Street chairman Chris Bartram said: “This acquisition offers an excellent investment opportunity which we believe will perform strongly for St James’s Place. The combination of an open planning consent, proven market rents, strong covenants and strong demographics means the park trades exceptionally well and has all the characteristics necessary for growth.”

The rest of the retail park is owned by Peel Land and Property, which was granted planning consent last year for a department store close to Straiton roundabout.