The park produces an annual income of £1.164 million, and the purchase price of £18 million reflects a net initial yield of 6.11%.

Roland Nevett, Head of Retail Warehouse Portfolio Management at Land Securities, said: 'This acquisition consolidates our holding in the town, where we already own the Almondvale Shopping Centre, the Almondvale West retail park and a 50% share of the McArthurGlen Designer Outlet Centre. We believe there are excellent prospects for rental growth as Livingston increases in importance as a retail destination.'

At the same time Land Securities has secured planning permission for 191,000 sq ft of retail warehousing at Almondvale South Retail Park. Phase I, comprising 90,000 sq ft, has been prelet to Homebase which will be relocating from its current 36,000 sq ft unit in Almondvale West next to the Designer Outlet Centre.

Strutt & Parker and Hartley Cowley acted for Land Securities on the acquisition of Almondvale Retail Park. Campbell acted for Homebase and Weatherall Green & Smith represented Lattice Group Pension Scheme.

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