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.
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