Commercial Property News

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Monday, January 30, 2024

Marks & Spencer moves into Glasgow's West End

Glasgow based developer, Palisade Properties plc, has sold a prime retail unit, on Great George Street, at the foot of Ashton Lane, off Byres Road, to property investment company Kingfisher equities Ltd for 2.8m.

The deal comes as Marks & Spencer takes up occupancy of the unit, spanning 5,000 sq ft, introducing the first Simply Food city centre food store concept to the West End.

The tenancy agreement is based on a twenty-year lease, at an annual rental of 150,000.

The sale to Kingfisher Equities Ltd represents a net initial yield of 5.3%. An adjacent retail unit of approximately 670 sq ft, is also available for lease.

The retail sale completes a larger landmark scheme created by Palisade Properties, which has also set a precedent for its complex and creative engineering solution for this challenging site.

Formerly a garden centre, Palisade Properties has transformed the land into a mixed development comprising ground floor retail accommodation and a collection of 16 apartments, including a penthouse, on the upper floors. The apartments, which were priced from 225,000, sold within a matter of weeks and the penthouse is now available for sale.