Three properties bought
DTZ in £15m swoop on Glasgow retail units
One of the units snapped up by DTZ
DTZ Investors has acquired three prime retail units on Glasgow’s Sauchiehall Street from Legal & General in a £15.3 million sale brokered by Knight Frank and Montagu Evans.
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.
Knight Frank acted on behalf of Legal & General Investment Management Real Assets throughout the sale, while Montagu Evans represented DTZ Investors.
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 over 16 million per annum.
“This property occupies a prominent corner position on the prime pedestrianised pitch and is multi-let to high profile tenants, all making it an attractive acquisition for the fund.”
Patrick Ford, capital markets partner at Knight Frank, added: “Following the execution of the asset management plan and re-gear 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.”