A Renfrewshire retail park built on a historic textile plant has been sold in a multi-million-pound deal.

Paton's Mill Retail Park, located on the edge of Johnstone, fetched around £7.9 million in line with the asking price.

It has been acquired by OCO Group – a special purchaser and current operator of the on-site Starbucks franchise.

The property was represented by Knight Frank on behalf of the vendor, Knight Frank Investment Management Long Income Property Unit Trust (KFIM LIPUT).

John Rae, capital markets partner and head of Knight Frank Glasgow, said: "Having funded the original development, this is a successful exit for KFIM LIPUT.

"Retail parks have been resilient throughout the challenges faced by the wider sector in recent years, which is reflected in the price for Paton’s Mill.

“The park has strong occupiers with long-term commitments and a relatively captive market nearby.

"The fact that the park was purchased by one of the occupiers is testament to the success of the development and the strong trading performance of the tenants since it opened around five years ago.”

KFIM LIPUT originally fronted the money for the development in 2018.

The site houses two retail warehousing units occupied by Aldi and Home Bargains on long-term leases. 

The Starbucks drive-thru unit is currently being run by the new owners, OCO.