Investing in retail

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Cornerstone attracting buyers for retail properties

Tennant House Stores (above) and West Maitland Street Post Office have both attracted buyers

RETAIL properties have made for strong results at Cornerstone Business Agents, with the firm successfully shifting stores for independent operators.

The commercial property specialist has completed the sale of Tennant House Stores in Ecclefechan, Dumfries and Galloway, for an undisclosed sum from a guide price of £335,000 for the freehold.

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The store – which  occupies a detached two storey property – has been snapped up by the Merckel family, who have previously owned convenience store businesses on the Shetland Islands and on the outskirts of Inverness.

Cornerstone Business Agents director David Higgins commented on the sale: “Tennant House Stores is a traditional convenience store offering a wide selection of products for locals as well as services such as PayPoint and Lotto.

“We had good interest in the business from the start with a selection of viewers from all over the country looking to take on what was already a well run retail business.

“As well as the business, also included in the sale was good sized owners accommodation above the shop. The sale shows there is still strong demand for convenience stores with a good level of turnover.”

Post Office sites are also proving popular for Cornerstone, with the firm successfully completing the sale of the West Maitland Street Post Office.

Located in Edinburgh’s West End, the previous owner had spent 26 years at the site when Cornerstone was instructed to find a buyer for the business.

Following what Cornerstone described as a “short period of marketing”, an existing Edinburgh sub-postmaster snapped up the Post Office for an undisclosed sum from a guide price of £150,000 for the leasehold interest.    

Higgins commented: “It was a pleasure to act for the vendor on the sale of this business. It attracted significant interest from the outset due to its immaculate fit-out and its exceptional Post Office income.”