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Savills selling for Aviva

Waterstones building on sale at £4.25m

WaterstonesA four-storey retail unit in Sauchiehall Street, Glasgow, currently home to the third biggest Waterstones bookshop in the UK, is on the market for offers above £4.25 million.

Savills is selling the building for Aviva Investors and the price reflects a net initial yield of 9.21%.

Totalling 37,760 sq ft (3,508 sq m) it generates an annual income of £415,000 with an unexpired lease term of six and a half years.

Mark Fleming, director of investment in Savills Scotland, said: “This is the largest Waterstones store in Scotland and the third largest in the UK making it an extremely attractive retail investment opportunity on Glasgow’s highest footfall pedestrian pitch.

“Glasgow’s investment market has seen significant activity in the first half of 2015 as investors continue to be attracted to the opportunity for discount against the other principal regional cities of Manchester and Birmingham.

“With a lack of available stock, combined with stronger occupational markets, we anticipate there will be further yield compression, particularly at the prime end of the market. All of these factors suggest this new opportunity will attract notable interest from a variety of purchasers already active in the market.”

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