A WAREHOUSE occupied by DIY retailer Wickes in Edinburgh has been sold for £6 million, underlining the appeal to investors of properties that can provide steady returns amid inflationary conditions.

The 21,935 square feet site, which occupies a prominent site on Stevenson Road, is let to building supplies provider Wickes on long-term lease. The property, which had been marketed for just over £5.6m, has been acquired by a UK-based family trust.

Knight Frank, which acted for the UK property fund that sold the building, said the deal had attracted a high level of interest. Six bids had been received by closing date, with the five unsuccessful bidders described as high-net-worth individuals and entrepreneurs.

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Alasdair Steele, head of Scotland commercial at Knight Frank, said: “There was a relatively deep buyer pool for 45 Stevenson Road given its location, long-term income potential, and the strength of its sole occupier. It is relatively rare an asset like this comes to the market, but we expect similar opportunities to emerge in the months ahead.

“For family trusts and high-net-worth individuals, wealth preservation is a big motivator in the current macro-economic environment. The Wickes building is a great example of a property that can act as a hedge against inflation through an attractive level of income while preserving capital.”