7th April 2015 back to news

Tesco Investment Sold in Merchant City, Glasgow

Tesco Investment Sold in Merchant City, Glasgow


Glasgow High Street premises sell for £705,000

 

A modern, new-build retail unit, currently let to Tesco, at 50 High Street, Glasgow has just been sold for £705,000 reflecting an NIY of 7.53%.  This investment purchase attracted significant interest and was purchased by a private investor via their SIPP.

 

Graham + Sibbald acted for the Liquidators of Alba Town Three LLP selling the property, which extends to 5,530 sq ft in the prime location of the Merchant City.  Tesco has leased the property until 2031 and has fitted out the corner premises in its corporate style.  It benefits from frontages onto both Bell Street and McPherson Street and has residential apartments on the upper floors of the property.

 

Gregor Brown of Graham + Sibbald’s Glasgow office, said: “I am delighted to get this one over the line having had to re-market following our previous prospective purchaser withdrawing from the deal. We were able to get the property under-offer fairly quickly and this highlights the steady demand for well let retail investments.”