Ediston Property Investment Company (EPIC) has purchased seven acres of development land in Haddington, East Lothian,

The deal, which is worth £2.75 million, sees the company take over a site on West Road which has planning permission for a supermarket and petrol filling station.

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EPIC said it intends to seek a new planning consent to permit a retail warehouse development.

Calum Bruce, Director of Investment at Ediston Properties Limited, the Company's Investment Manager, said: "We are always looking at different ways to create value for our shareholders and this development will allow us to do that.

"We have tracked this opportunity for some time and are confident that we can deliver an attractive income return for the Company that is significantly above market returns for similar developed assets."

(LM/MH)