Wednesday, June 14, 2023
Prudential sells Glasgow retail investment with development potential for £31m
Prudential, advised by Strutt & Parker, has sold 20-28 Buchanan Street and 38-47 Argyll Arcade, Glasgow, to HBG Properties, part of the Dutch conglomerate Royal BAM Group nv for a price of £31m reflecting a net initial yield of circa 4.1%.
The prominent 62,225 sq ft retail block is arranged over basement, ground and six upper floors and comprises 3 prime retail units let to Bally, Early Learning Centre and Dorothy Perkins fronting Buchanan Street, with speciality Jewellers in Argyll Arcade.
Gavin Hendry Divisional Partner of Strutt & Parker's retail investment team, said: "The price achieved reflects a rare opportunity to acquire a substantial block of well let property in a 100% prime retail pitch with significant and real development potential to create added value."
Inglis Howie acted for HBG properties.
The prominent 62,225 sq ft retail block is arranged over basement, ground and six upper floors and comprises 3 prime retail units let to Bally, Early Learning Centre and Dorothy Perkins fronting Buchanan Street, with speciality Jewellers in Argyll Arcade.
Gavin Hendry Divisional Partner of Strutt & Parker's retail investment team, said: "The price achieved reflects a rare opportunity to acquire a substantial block of well let property in a 100% prime retail pitch with significant and real development potential to create added value."
Inglis Howie acted for HBG properties.
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