Savills has successfully brokered the sale of two prime retail properties in Glasgow city centre on behalf of Old Park Lane Management (OPLM).
The assets, located at 98 Buchanan Street and 31 Royal Exchange Square, have been acquired by family-led investor Cervidae for £13.775 million.
The sale marks a significant milestone for OPLM, as it represents their exit from the Scottish property market.
Having completed their asset management plan, OPLM is now shifting focus to their core strategy of large-scale central London development.
Property Details
The two properties offer a combined retail space of nearly 31,000 square feet in prime Glasgow locations:
- 98 Buchanan Street: This property comprises 21,498 sq ft of prime retail space and is fully let to Lush, serving as their flagship Scottish store. The lease has an unexpired term of 12 years.
- 31 Royal Exchange Square: This 9,402 sq ft space is occupied by Italian restaurant Banca di Roma, with an unexpired lease term of six years.
Market Activity
Eilidh Levein, Associate in the Scotland investment team at Savills, commented on the transaction: “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”.
The sale reflects the ongoing interest in prime retail assets in Glasgow, despite challenges faced by the sector in recent years.
It also highlights the appeal of well-located properties with strong tenant covenants to family investors like Cervidae.
While Savills represented the seller in this transaction, JLL acted on behalf of the purchaser, Cervidae. This sale contributes to the recent surge in commercial property transactions in Glasgow’s city centre, indicating a robust investor appetite for prime retail assets in key locations.
