On behalf of one of its investor clients, pan-European retail real estate investment manager Redevco acquired a high street asset in Glasgow. The high quality building, situated along Glasgow’s prime retail pitch of Buchanan Street, was re-developed only a few years ago to offer excellent modern retailing space for current tenant Nike. The property transacted for over £29 million.
The 2,549 sqm (27,437 sq. ft.) property consists of four floors with trading over excellent floorplates on ground and first floor levels. It is one of only a handful of buildings of this scale along Buchanan Street in 100% prime pitch, opposite House of Fraser Department Store and enjoying the company of top national and international retail brands.
Andrew Vaughan, Redevco’s CEO, said: “We are glad to have purchased such a well-located property, right on Buchanan Street which is arguably the best retailing street in the UK outside of London. It fits our strategy to focus on the top retail destinations in Europe that offers the best complete leisure experience where shopping can be combined with cultural activities and eating out. In that sense Glasgow is a highly attractive location, which is underlined by the recent shop openings by new retailers.”
Redevco was advised by Lambert Smith Hampton. LaSalle Investment Management was advised by BNP Paribas Real Estate.