Property development company NewRiver Retail has purchased a retail park for over £20 million in Dumfries.

The Cuckoo Bridge Retail Park is located close to the A75 and comprises 130,000 sq ft of income generating space across seven retail units.

The deal was funded using existing cash resources and NewRiver said it hoped the acquisition would "drive income and capital growth".

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Allan Lockhart, NewRiver's Property Director, said: "The acquisition demonstrates our ability to grow the portfolio through our carefully selected acquisitions in line with our focused business model.

"This favourably located asset is well established in the local community, providing every day necessities for the local population. Cuckoo Bridge presents excellent opportunities to generate attractive cash on equity returns by driving income and capital growth through the Company's active asset management and risk-controlled development."

(LM)