Retail investment for sale in Glasgow

This property is marketed by:
Colliers

Key features

• Located within Glasgow city centre, close to the prime retailing pitch on Argyle Street and Buchanan Street
• Two adjoining retail units constructed in 2006, extending to approximately 56,024 sq ft
• Recent letting in 2021 on Unit 1 to Lidl Great Britain Limited on a 25 year lease expiring 25 June 2046 with a tenant break option on 25 June 2036
• Unit 3 is let to Matalan expiring 28 November 2028. Matalan have been in occupation since 2008
• Passing rent of £667,094 per annum reflecting an average rent of £11.90 psf
• WAULT of 11.91 years to expiry (8.65 years to break)

Location

The subjects are located within Glasgow city centre, close to the prime retailing pitch on Argyle Street, and a short distance to Buchanan Street. The property is located a short distance from Scotland’s top retail location and the most important retail centre in the UK, outside London. Glasgow has a population of approximately GLASGOW INTERNATIONAL 1.9 million, and welcomes around 2.3 million visitors per year, AIRPORT (15 mins) and has seen a 150% growth in overnight visitors since 2012. Glasgow is home to five universities and three colleges, welcoming over 130,000 students from 140 countries.

Situation

The subjects are located on the corner of Jamaica Street and Howard Street and is accessible from the eastern side of Jamaica Street. The subject property benefits from strong public transport links, with Glasgow Central station and Glasgow Queen Street Station situated a four and seven minute walk away respectively. The area is served by numerous bus services on Union Street and Jamaica Street, connecting the city to the suburbs.

Many well-known retailers are situated a short distance from the subject property, including House of Fraser, Nike, Zara and TK Maxx. Planning applications have been submitted for St Enoch shopping centre and Buchanan Galleries, which will see redevelopments of the centres for mixed use schemes.