A POPULAR Edinburgh Waitrose in Morningside has sold in a more-than-£18.5m bumper deal alongside Kwik-Fit garage.
The supermarket and car garage in the Morningside area of the Scottish capital are among both brands’ top performing locations in the country and occupy a combined 45,000+ sq. ft. of space on Morningside Road.
However, both locations have now been sold in a deal exceeding the £18.5m asking price by a client of Lasalle, represented by Savills.
Purchased by a client of DTZ investors, who were represented by real estate agents Knight Frank, the purchase comes as investments in Scottish commercial properties reaches £1.21bn for the year to date.
The investment in the retail sector was the highest with sales of £446m.
Euan Kelly, capital markets partner, said: “Both Waitrose and Kwik-Fit trade exceptionally well from their Morningside locations, with little in the way of nearby competition and an affluent local population.
“Broadly speaking, supermarkets are performing well, supported by solid fundamentals and long-term average growth of 4.1% in grocery sales, and we’re seeing strong demand from investors for these types of assets.”
Ewan Stewart, acquisitions manager, DTZ Investors, said: “We are delighted to complete on this acquisition.
“The fundamentals of the long leases to tenants with strong trading performance in an affluent neighbourhood in central Edinburgh are exactly where we are looking to invest.
“We look forward to doing further acquisitions with similar fundamentals.”
