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LONDON- Halladale Venture, Halladale’s joint venture with Bank of Scotland Corporate Banking, has sold the long leasehold interest in the 51,700-sf Main Street Shopping Centre in Barrhead, Scotland to private buyer for £5.5 million ($9 million). The price reflects an initial yield of 7.75%.

The Main Street was acquired by the joint venture in May 2002 as part of a £11.5 million ($19 million) portfolio of four properties across Scotland. The scheme includes 15 retail units with offices above. Since purchase, Halladale has significantly enhanced value by reconfiguring units and regearing leases, raising the average rent from £22 ($37) to £27 ($45) per sf and improving the tenant mix. Total rental value is now £455,000 ($760,000) per annum. Montagu Evans advised Halladale and CGP acted for the purchaser.

Halladale Chief Executive David Lockhart said: “This portfolio interested Halladale for its significant town centre asset management and redevelopment opportunities. This is the second disposal following the £2.35 million ($4 million) sale of the Bargarren Shopping Centre in Erskine in February this year. In both cases we have delivered our asset management strategy ahead of schedule and have taken advantage of the continuing strong retail market to realise value.”

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