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£33 million sale of prime Buchanan Street building

Located in Glasgow city centre, the former Scottish Stock Exchange building has been sold in a £33 million deal.

The five-storey building, which is positioned on Buchanan Street and Nelson Mandela Place, was bought by property investment fund AEW Europe City Retail Fund and was its first acquisition in the UK. This latest deal brings the fund’s portfolio to 21 assets across cities such as Copenhagen, Madrid and Paris, with a total value of more than €620 million.

The Category A listed landmark property has 24,920 sq ft of retail accommodation and 22,704 sq ft of office space.

Currently, the property is fully let to nine tenants. Retail companies The North Face and Urban Outfitters have been trading from the building for more than 15 years. The third and fourth floors are let to the Scottish Government, the fifth-floor hosts three smaller office suites, while the ground floors facing Nelson Mandela Place are occupied by Subway, Carlsberg UK, and Absurd Bird.

AEW’s director of investments, Spencer Corkin, commented on the building’s prime location:

“This is one of the best retail assets in Scotland [with] Buchanan Street second only to London’s West End in terms of footfall and retail spend.”

A recent report from Knight Frank discovered more than £2.5 billion was invested in Scotland’s office, retail and industrial properties during 2018. Total private investment in Scottish commercial property - including UK buyers - was £760.4 million last year, with Scotland placing eighth globally for cross-border private capital investment in commercial property. Investment in Glasgow office spaces was at its highest level since 2006, at £468 million, including deals such as the Skypark campus in Finnieston.

Head of Scotland commercial at Knight Frank, Alasdair Steele, concluded on Scotland’s commercial property market:

“There is a strong appetite for investment outside of London, and Scotland is perceived as being relatively good value, even within the UK.

Both Glasgow and Edinburgh offer compelling supply-demand dynamics and attractive yields.”

Contact our Commercial Property Lawyers Giffnock & Newton Mearns, Glasgow

If you are considering the purchase of a commercial premise, it is imperative you get specialist legal advice from a qualified commercial property solicitor. Get in touch with our expert team today by completing the online enquiry form.

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