Quartermile shops snapped up for £3.3m

THE former site of the Edinburgh Royal Infirmary has established itself as a prime retail destination, the company behind its redevelopment said today.

Colin MacPherson, development director for site owner Gladedale Capital, said the sale of the retail units fronting on to Middle Meadow Walk for £3.3 million is a sign that buildings on the site are seen as a good investment.

A private Scottish investor client of purchasing agent Ryden bought the 7000sq ft retail development at a price reflecting a net initial yield of 4.95 per cent.

As well as Sainsbury's and Starbucks, the retail units within the development are home to upmarket Swedish baker Peter's Yard.

Mr MacPherson said: "Attracting blue chip tenants such as Sainsbury's and Starbucks legitimised Quartermile as a retail destination and it was therefore no surprise to see it proving attractive to investors.

"We are now working hard to secure further retail and leisure tenants to the current phases of the development to ensure we deliver on our promise to make Quartermile a true mixed-use location."