DTZ Investors buys Sauchiehall retail

By Paul Norman - Wednesday, March 07, 2018 11:46

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DTZ Investors has bought three shops on Glasgow’s Sauchiehall Street from Legal & General for £15.3m.

The properties, which total 26,481 sq ft, are located at 50 - 74 Sauchiehall Street and are let to Bank of Scotland, Poundland and Dr Martens.

Knight Frank acted on behalf of Legal & General Investment Management Real Assets, 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.”


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