The former owner of women’s fashion retailer Internacionale, Ken Cairnduff, has purchased the Mitchell Arcade shopping centre in Rutherglen,
The 104,090 sq ft centre was sold by Catalyst Capital for an initial yield slightly in excess of 6%.
The legal agreement is due to conclude on 7 March for the long lease of the site, owned by
Alan McNeil of Griffin Webster, Cairnduff Developments’ agent, said: “Catalyst has done a lot of refurbishment work previously, so our priority is to improve the rent roll by letting vacant units and taking the centre up to the next level.”
Cairnduff want to improve representation at the scheme, soon to be re-branded Rutherglen Shopping Arcade, by adding menswear and sportswear stores.
Cairnduff was represented by Griffin Webster with Jones Lang LaSalle acting for Catalyst Capital. The purchase will be completed next month.
In a separate deal, Cairnduff is concluding the purchase of a site in Forfar, Angus, from Johnstone Press for £1m. The developer wants to submit a planning application for 16,500 sq ft of retail warehousing.
