Fidelity’s UK Real Estate Fund, advised by King Sturge, has acquired Hamilton Palace Retail Park in Hamilton from a private investor for £17.4million.

Hamilton Palace is a retail and leisure scheme adjacent to the town centre incorporating Class 1 retail warehousing, restaurants and a cinema and extending in total to approximately 85,000 ft².

The property consists of four retail units let to Boots, JD Sports, Next and Birthdays, a restaurant unit and a nine-screen multiplex cinema let to Vue Entertainment.

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A further standalone restaurant pavilion is let to Frankie & Benny’s. The average weighted unexpired lease term is 14.3 years.

Commenting on the deal, Alison Puhar, Director, UK Real Estate at Fidelity said: “This was an excellent opportunity to acquire a retail warehouse and leisure investment off relatively low rents and with opportunities to enhance value through an active asset management strategy.”

Patrick Ford from King Sturge in Glasgow added: “This is a landmark retail development in an excellent location. This deal is encouraging news for the Scottish investment market.”

King Sturge advised Fidelity, whilst Culverwell acted for seller.

(GK/KMcA)