It is understood around £15 million has been paid for the Gallagher Shopping Park and adjacent development land in Port Glasgow.
Former owner, Gallagher Developments, has spent 25 years remediating and building up the former shipyard site.
B&Q and Costa Coffee are the existing occupiers with Ediston suggesting it is in discussions with potential occupiers for a potential 200,000 square feet retail warehouse.
Development of that could see investment in the area top £30m.
Alastair Dickie, development director at Ediston, said: "This acquisition will secure good long-term income for the fund."