West Ranga are extremely active in both the in-town and out-of-town retail markets with these sectors accounting for 25.00% of portfolio value.
The team will consider all opportunities but particularly seek the following;
High quality, well located investment properties let to 5A1 tenants with long unexpired terms.
Opportunistic purchases where there is scope to add value through asset management in the short term (1-3 yrs) or where the company can take advantage of miss-pricing or a distressed position.
We would be delighted to consider any opportunity between £2M - £10M.
CURRENT RETAIL PROJECTS
5-9 Murraygate, Dundee
Modern retail unit located in a prime position on Murraygate within Dundee City Centre
Purchased from LaSalle Investment Management in November 2016 for a price reflecting a NIY of 9.21% and RY of 10.42% (stepped rental)
Let to Bon Marche Plc until 2022
With deep knowledge of the pitch, the team were attracted to the clean regular floorplate of this unit and the fact that the passing rent had been rebased from a historic tone of £100 ITZA to £46 ITZA.
Since purchase, there has been significant occupational activity on the street with further exciting news expected.
It is our view that this activity combined with the imminent opening of the V&A museum on Dundee’s Waterfront, will continue to strengthen the Murraygate in the short to medium term placing upward pressure on rents where they have been rebased.
Dundee 26 Commercial Street Dundee DD1 3EJ 01382 201 964
Edinburgh 70 Cumberland Street Edinburgh EH3 6RE 0131 315 0382