HBG Properties has added to its portfolio of national office and retail projects, by making two purchases in Scotland. The retail corner plot 20/28 Buchanan Street and 38/47 Argyll Street in Glasgows city center has recently been purchased for approximately €42 million (£31 million). The majority of the 62,000 ft² property is being let on long leases.
"HBG Properties is delighted with this acquisition. Buchanan Street is one of the UKs top retail locations. This is one of the best pieces of real estate to come onto the market in some time and we believe that added value can be created", Nicola Harmon, asset manager from HBG Properties, said.
HBG Properties has also announced the purchase of the last available site in the Haymarket Yards Office Park, Edinburgh, for approximately €5.5 million (£3.95 million). The site was purchased from Haymarket Yards Limited, a joint venture between PPG and Betts Properties. Work will start on site in October this year.
The site benefits from existing consent for an office building totalling some 38,000 ft² and HBG is currently in discussion with the planners regarding some minor modifications to the existing scheme.
Both of these purchases add to HBG Properties portfolio in Scotland, where current developments include the Wellgate Centre and Discovery Quay, both in Dundee.