AIM-listed Halladale Group has prelet a slice of its Queen Street, Glasgow mixed-use scheme to Sainsburys.
The supermarket giant has prelet 30% or 6,474 sq ft (601 sq m) of the 17,000 sq ft (1,579 sq m) of available retail for 20 years. It will pay a rent of £144,000 pa, with an upward-only, five-yearly rent review.
Halladale is in talks with two other parties over the remaining retail space.
Halladale paid just over £3m for the site at 52-72 Queen Street through to 53-59 Miller Street in February 2001.
Most of the existing buildings were demolished, and a nine-storey building is nearing completion.
Part of the development comprises four large shops, between 2,800 sq ft (260 sq m) and 4,000 sq ft (372 sq m) in size, on the ground and basement floors. The shops have planning consent for full retail or licensed restaurant use.
The eight upper floors house 23 luxury flats totalling 19,258 sq ft (1,789 sq m), 22 of which have been sold off plan, and a student residence which has been pre-sold to Jarvis University Partnerships Programme and which accommodates 170 students.
A major refurbishment of the former Virginian Public House on Miller Street is also underway.
Halladale was advised by Culverwell & Co and Campbell & Co acted for Sainsburys.
EGi News 04/11/02
