The corner block on Buchanan Street and St Vincent Street, Glasgow, which is home to the Apple store, has been put up for sale for £41.4m – a 6.05% yield.
Royal London has instructed CBRE and local agency MWM to market the mixed-use investment opportunity.
The property, at 147 Buchanan Street and 48-72 St Vincent Street, is fully let and generates £2.6m pa in rent.
In addition to Glasgow’s flagship Apple store, the ground floor retail units, which comprise 88,870 sq ft, are leased to Skipton Building Society, TSB Bank and Mitchell & Butlers.
There is also 61,335 sq ft of office space on the upper floors which is leased to Apple, SMS Connections, Brewin Dolphin, Mono Consultants and BTO Solicitors.
Royal London has owned the property for more than 20 years and will look to re-invest proceeds from the sale into further acquisitions.
The investor also owns retail units on Buchanan Street and Gordon Street in Glasgow, which it is not selling.
