Quadrant Estates and KKR are selling Glasgow retail block the Sauchiehall Building, on Sauchiehall Street, for £60.6m – a 6% yield.
The property comprises a 313,000 sq ft full city block including retail and leisure space and car parking.
It is being offered on a freehold basi and is being marketed by Montagu Evans.
The joint venture partners bought the Scottish block in 2015 for £46.5m – a 7% yield. The centre has been refurbished and new tenants secured, including an improved F&B offering.
US burger chain Smashburger opened its first Scottish restaurant at the Sauchiehall in a deal which Quadrant and KKR agreed in May last year.
Sports Direct also relocated to the centre, taking over the former 13,000 sq ft JJB Sports unit on the lower ground floor.
The jv partners are also selling the Great Western Retail Park in Glasgow for £54.5m – a 6.5% yield.
The decision to sell comes at a buoyant time in the Glaswegian investment market. According to Savills, £910m of assets have traded in the year-to-date, and with a further £770m of assets under offer, this year could outweigh Glasgow’s 10-year annual commercial investment average of £1.7bn.
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