Glasgow offices and retail units in £16m deal
Property group Ediston has acquired prime office and retail premises in Buchanan Street, Glasgow on behalf of Clydebuilt Partnership in a £16m off-market deal with Abrdn.
The property at 123-129 is close to the junction with St Vincent Street and is a historic Grade B listed sandstone building over four floors and basement.
There are three retail units fronting Buchanan Street, let to Hobbs, Tiso and The White Company and a hair salon at first floor let to Fleeson and Robb. Office accommodation on the upper floors is currently vacant.
Despite the reduction in footfall in recent years the buyers anticipate Buchanan Street retail demand and rents to bounce back closer to pre-Covid levels, further enhanced by relocation demand for retail due to the impending redevelopment of Buchanan Galleries.
The purchase price reflects a net initial yield of 7.93%.
Sheridan Keane Real Estate Investment and Brodies acted for Ediston. HSA Retail and JLL acted for Abrdn.