Pillar Property and Capital & Regional (C&R) are selling the leasehold interest in their Glasgow Fort Shopping Park to the Hercules Unit Trust for £194.7m.
The 378,000 sq ft (35,110 sq m) park, at Junction 10 of the M8 Motorway, is under construction and completion of phase one is set for the end of October 2004. It is being developed at a cost £142m.
It will comprise 300,000 sq ft (27,870 sq m) of non-food retail, 62,700 sq ft (5,825 sq m) of leisure and 15,000 sq ft (1,390 sq m) of food retail.
Phase one includes 74 retail units ranging in size from 500 sq ft (46.5 sq m) to 25,000 sq ft (2,320 sq m). Of the units, 70% are prelet or under offer to retailers including Boots, JD Sports, Borders, Argos, Virgin, TK Maxx, JJB Sports, Next, Arcadia and River Island.
The sale of the shopping park is subject to approval by the Hercules unit holders and Glasgow council.
Pillar is property adviser to Hercules, in which it owns a 35% stake.
References: EGi News 02/04/04
