HIH Real Estate is seeking a buyer for a mixed-use 1930s building in Glasgow.
The investment manager has instructed CBRE to seek offers over £21m for the acquisition of 95 Bothwell Street, which offers 135,968 sq ft of retail and office space. The asking price reflects a capital value of £154 per sq ft.
Tenants in the retail space include Viva Brazil Restaurants and Launch Foods.
The blended weighted average unexpired lease term is 5.31 years to the earliest lease breaks and 5.47 years to expiries, effective of September 2023. The average passing rent is £1.3m per annum.
Around 44,500 sq ft of office space is let to consulting firm Jacobs and the remainder is vacant. It carries an average passing office rent of £19.85 per sq ft.
The heritable interest opportunity includes the chance to repurpose the site into a hotel or PBSA.
Architectural firm Cooper Cromar has also prepared an initial feasibility study into updating the site to create a net zero carbon design and operation office building.
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