£15m Glasgow retail asset hits the market
A retail asset at 36-48 Argyle Street in Glasgow has been placed on the market with a price tag of £15m, reflecting a net initial yield of 7.22%.
The asset – which has a net internal area of 82,507 sq ft across basement, ground, and three upper floors – is fully let to Tk Maxx, Holland & Barrett, and Continuity2.
The property has a weighted average unexpired lease term of 9.91 years to break and 10.35 years to expiry, and generates an annual passing rent of £1,191,915.
Argyle Street is a major shopping street located within Glasgow’s city centre, and is known for its variety of stores which includes major chains, independent shops, and department stores. The street is over two miles long and has an estimated footfall of over 20 million people per year.
The subject property is located at the north side of the street, within a pedestrianised section between Queen Street and Miller Street.
Nearby occupiers include Sports Direct, Primark, M&S, River Island, and JD Sports.
CBRE UK has been appointed to find a suitable purchaser.