Acting for CBRE Global Investors, Savills has recently sold a retail warehouse investment with development potential for a residential-led, mixed-used development site in Finnieston, Glasgow, recently voted fourth best place to live in Britain.
The investment was sold to Ambassador Real Estate for £12.5 million in an off-market deal. The 2.4 acre site currently comprises 38,000 sqft of retail warehousing, let until December 2020, with a large car park.
Bruce Patrick, Head of Mixed Use Development for Savills Scotland said: “We have been providing asset management advice on this property for a number of years. Our planning team successfully applied for a consent to widen the use from bulky goods to full open Class 1 including food. Thereafter, our retail agency team pre-let one of the units to a supermarket operator on a reversionary lease.”
James Hurst, Investment Director at Savills said: “Given the continued challenges within the retail sector, vendors are looking to repurpose certain assets and this is an excellent example of where this has taken place resulting in a premium price for our client.”
Carole Mackie, Head of Savills New Homes said: “In recent years, residential demand has rippled out of Glasgow’s highly desirable West End into Finnieston. The eventual comprehensive redevelopment of this property will represent another key stepping stone in the neighbourhood’s transformation. Within walking distance of the city centre and Byres Road, Finnieston has a vibrant restaurant and bar scene boosted by footfall from the nearby Hydro Arena, the third busiest entertainment venue in the world.”
Chris Richardson Investment Director at Ambassador Real Estate said: “We are extremely excited about this opportunity and glad we have been able to purchase another great investment and development opportunity in Glasgow. As a Glasgow company we are proud of our city and are always looking at ways here we can add to our portfolio and we felt that Finnieston was a perfect addition to our development at Park Quadrant. We also look forward to welcoming a new supermarket offering to the park which will add to the location and site from an investment and future development perspective.”