One of Aberdeen's busiest shopping parks has been put up for sale with a price tag of £46million.
Jackson Criss has been instructed to sell Kittybrewster Retail Park, according to industry sources.
Renewed investor demand for retail parks, which are perceived to be less at risk than high streets from the rise of e-commerce, has seen their value soar since the pandemic.
A joint venture between New River and BRAVO Strategies III, a fund managed by Pimco, bought four retail parks, including Kittybrewster, from Zurich Assurance for a total of £60.5million in May 2019.
That deal now looks like shrewd business as the market has shifted favourably. The guide price for Kittybrewster is £46million alone.
Kittybrewster Retail Park consists of a total of 13 units, made up of two primary terraces of retail warehousing which have been divided into 11 individual units.
Tenants include Halfords, SCS, TK Maxx, Wren, Dreams, Pure Gym, McDonalds and JD Sports. It generates £3.33million per annum, according to React News, and the most recent letting was to JD Sports in May 2022
Deals
If Kittybrewster does change hands, it will follow a string of major retail deals in the city.
Aberdeen's Beach Boulevard Retail Park recently changed hands in a deal worth a reported £60million.
Reality Income Corporation bought the site from Abrdn (formerly Aberdeen Asset Management) after a "hotly contested process". It was the US investor's second major purchase in the city, having previously bought the Garthdee Retail Park for £32million.
And earlier this year it emerged that Mike Ashley's Frasers Group has placed a property portfolio - including Berryden Retail Park - up for sale in a move which could fetch upwards of £320million.
Real estate giant Hammerson is also understood to be seeking a buyer for Union Square
The Granite City food and retail centre - which is home to the likes of Hugo Boss, Apple, BrewDog, Zara and H&M - has been valued at £150million.