PATON’S MILL Retail Park, located at the edge of Johnstone, Renfrewshire has been sold to the OCO Group in a multi-million pound deal.
The group currently operates the on-site Starbucks franchise, and acquired the park from vendor Knight Frank Investment Management Long Income Property Unit Trust (KFIM LIPUT) for around £7.9m.
In 2018, KFIM LIPUT forward funded the original development on the former site of Paton’s Mill, a historic textile plant.
The retail park consists of two warehousing units, which are on long-term leases to Aldi (17,150sq.ft) and Home Bargains (15,286sq.ft).
These sit alongside the drive-thru Starbucks (2,222sq.ft) currently owned by OCO.
John Rae, capital markets partner and head of Knight Frank Glasgow, said: “Having funded the original development, this is a successful exit for KFIM LIPUT.
“Retail parks have been resilient throughout the challenges faced by the wider sector in recent years, which is reflected in the price for Paton’s Mill.
“The park has strong occupiers with long-term commitments and a relatively captive market nearby.
“The fact that the park was purchased by one of the occupiers is testament to the success of the development and the strong trading performance of the tenants since it opened around five years ago.”
