Glasgow High Street property
Cluttons’ investment agency team has acquired 70/76 Argyle Street, Glasgow for a private investor.
The property comprises a high street retail property which is situated in a prime pitch in Glasgow, and benefits from a return frontage to Queen Street, a secondary retailing location.
It is let to Next Plc on a full repairing and insuring lease. The lease term expires on 22 February 2022, leaving just under 13 years unexpired at the time of the acquisition. The tenant also occupies an adjacent property on Queen Street and has spent a significant amount of money combining the units and upgrading the specification, underlining their dedication to the location.
The property measures a total of 16,320 sq ft over basement, ground and two upper floors. All floors except the top floor are utilised for retailing, meaning the net retail area is 12,286 sq ft. The rent passing is £725,000 per annum reflecting a rent of £170 per sq ft plus 5% for the return frontage, or £44.42 per sq ft overall.
The purchase price of £9,450,000 reflected a net initial yield of 7.26%. The vendor was St James Place, a distressed fund managed by Invista. Exchange and completion took place within 7 days of the property being placed under offer.
Return to