Glasgow retail asset changes hands for £13.8m
Savills, acting on behalf of Old Park Lane Management (OPLM), has sold 98 Buchanan Street and 31 Royal Exchange Square in Glasgow to Cervidae for £13,775,000.
Comprising 21,498 sq ft of prime retail space, 98 Buchanan Street is let in its entirety to Lush on an unexpired lease term of 12 years. The property at 31 Royal Exchange Square totals 9,402 sq ft and is let to Italian restaurant Banca di Roma on an unexpired lease term of six years.
The sale comes as OPLM looks to focus on its core strategy of large-scale central London development, with Buchanan Street representing its last remaining asset held in Scotland.
Eilidh Levein, associate in Savills’ Scotland investment team, said: “We were delighted to represent OPLM in this disposal, the conclusion of which follows a flurry of activity on Buchanan Street, with more than £25 million placed under offer at the end of 2024”
JLL represented the purchaser.