Wed, 13 Feb 2013 | COMMERCIAL PROPERTY
A commercial retail property in Glasgow has been sold for almost £10.5 million as its previous owner sought to release some funding.
UK Commercial Property Trust sold the property on Buchanan Street, which is currently on lease to HSBC bank, to a real estate fund domiciled in Luxembourg after “tough market” conditions prompted the trust to re-evaluate its assets.
David Rodger, a manager with UK Commercial, told the Glasgow Herald: “In tough markets, you have to work harder to get the returns from property. Buchanan Street was one of the smallest assets by value in the company and one of the lowest yielding."
He added that the commercial property is a “landmark building” on Buchanan Street, one of the upmarket shopping streets in the centre of the city. The area looks set to benefit from further investment, with the nearby Buchanan Galleries shopping mall having sought outline planning permission for a £300 million extension, while the development of the Buchanan Quarter by Land Securities is due to be completed this summer.
HSBC's lease has 12 years still remaining so there is some secured income for the ground floor, while the upper floors remain unoccupied and provide the potential for further development should the new owner wish to explore this route.
Based in South East England, the company provides event production services and equipment for hire along with technical services for UK and European events, including AV and IT accessories, sets, staging, cameras, audio, lighting, and video display a...
Opportunity to acquire two highly regarded boutique care homes conveniently clustered in the East Midlands. Registered for close to 60, the homes have consistently high occupancy and currently (April 2024) are at 100%.
FREEHOLD
Offer the opportunity to acquire two highly profitable purpose-built care homes conveniently clustered in the Northwest. All 105 bedrooms have en suite facilities and the homes enjoy consistently high occupancy and currently (April 24) are at 95% eff...
FREEHOLD
29
|
Apr
|
Administrators bring Knutsford hotel to market | COMMERCIAL PROPERTY
The freehold of a hotel in Knutsford that fell into administ...
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.