60-62 & 64 Buchanan Street, Glasgow G1 3JE
Greenridge Opportunities LP is pleased to announce the successful acquisition of two 100% prime retail units in Glasgow’s premier shopping destination.
The property comprises two highly attractive buildings on Buchanan Street, one of the UK’s busiest high streets, attracting an estimated 52 million visitors per year.
The ground floor retail units are currently leased to internationally recognised brands, EE and Nespresso, while the upper floors are capable of being developed into either office or residential accommodation.
Retailers in the immediate vicinity include Apple, AllSaints, Zara, Nike, Hugo Boss, Massimo Dutti, Molton Brown and L’Occitane.
Greenridge Partner, Alex Walker said, “With attractive income, strong rental growth prospects, and potential additional value associated with the upper parts, this acquisition aligns perfectly with the strategic focus of our recently launched Greenridge Opportunities (GO) Fund.”
Douglas Binnie, capital markets partner at Knight Frank Glasgow said, “Buchanan Street is among the top performing retail destinations in the UK and has bounced back from the effects of the pandemic. Recent letting activity has been strong and suggests there are good prospects for rental growth in the short to medium term. The potential redevelopment of the upper floors of the two properties to residential ties in with wider plans to have more people living in the city centre in the years ahead.”
Greenridge continues to pursue opportunities that align with its commitment to delivering value and sustainable growth in the real estate investment sector.
Independent commercial property consultancy Knight Frank acted for Greenridge, while Savills represented the vendor.