Ediston fund buys retail development site for £3m

Ediston Property Investment Company (Epic) has snapped up a key site in East Lothian that already has planning permission for a supermarket and filling station.

The property fund said it had paid £2.75 million plus costs to acquire the seven acres of development land in Haddington.

It noted that there was a “general shortage” of retail warehouse space in East Lothian, particularly in Haddington, leading to “pent up demand from retailers who want to have representation in the town”.

Haddington is home to many independent retailers and already has a large Tesco supermarket and car park within the town centre.

Calum Bruce, director at Ediston Properties, the fund’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 [Epic].”