Redevco UK has sold the feuhold (freehold) of 78-92 Argyle Street in Glasgow to a fund managed by Scottish Widows Investment Partnership.
The property is let to Carphone Warehouse, Santander and Footlocker producing £1,050,001 pa. The property was sold for the asking price of £14,180,000 (approx. 17.7 million) representing a net initial yield of 7%.
The property was sold following completion of recent lettings to Carphone Warehouse and Footlocker as part of Redevco's asset management strategy for the property.
Cushman and Wakefield acted for Redevco UK with Jones Lang LaSalle advising SWIP.