DTZ Investors has acquired three prime retail units on Glasgow’s Sauchiehall Street from Legal & General in a £15.3m sale.
The properties, which total 26,481 sq ft, are located at 50-74 Sauchiehall Street and are currently let to Bank of Scotland, Poundland and footwear chain Dr Martens.
Ross Burnett, partner at Montagu Evans, said: “Glasgow is the UK’s strongest retail market after London and Sauchiehall Street has exceptionally high footfall of more than 16 million per annum.
“This property occupies a prominent corner position on the prime pedestrianised pitch and is multilet to high-profile tenants, all making it an attractive acquisition for the fund.”
Patrick Ford, capital markets partner at Knight Frank, said: “Following the execution of the asset management plan and regear of Bank of Scotland’s lease, Legal & General Investment Management Real Assets saw an opportunity to capitalise on renewed investor appetite for Sauchiehall Street.
“With rents continuing to rebound and occupational interest at a post-2008 peak, the deal is the latest in a series of Glasgow retail transactions which highlight the strength and depth of demand for the city. We expect this to continue in 2018.”
Knight Frank acted on behalf of Legal & General Investment Management Real Assets; Montagu Evans represented DTZ Investors.
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