A £13.7 million property transaction in Glasgow’s Buchanan Street is being seen as a vote of confidence in the city’s retail offering.

Cervidae has acquired the property occupied by cosmetics retailer Lush, and the adjoining unit facing on to Royal Exchange Square, which is leased by Italian restaurant Banca di Roma.

The vendor, Old Park Lane Management (OPLM), is focusing on its core strategy of large-scale central London development.

The Buchanan Street building, once home to Borders booshop and before that Royal Bank of Scotland, is its last remaining asset held in Scotland.

Eilidh Levein, an associate in the Scotland investment team at Savills – which represented OPLM – commented: “We were delighted to represent OPLM in this disposal, the conclusion of which follows a flurry of activity on Buchanan Street, with more than £25m placed under offer at the end of 2024.”

JLL represented the purchaser.