03 Feb 2025
Aberdein Considine’s Commercial Real Estate team have secured a multi-million-pound sale price for a four-storey, 5,650 sqft property on Glasgow’s Buchanan Street.
Acting for seller Westerwood Properties, Aberdein Considine achieved a deal in excess of the £4.8 million asking price for the 83 Buchanan Street, which is currently home to women’s ‘relaxed glamour’ fashion chain Mint Velvet.
Craig Watson, Director of Westerwood Properties, said: “For us this was the perfect transaction. An off-market acquisition, followed by a robust asset management strategy, culminating in the sale at an enhanced value. Both parties in this deal were agile property companies, meaning that the transaction moved quickly and smoothly. All in all just a really good bit of business for all concerned.”
David Orr, Partner in Commercial Real Estate at Aberdein Considine, said: “We’re proud to have supported Westerwood at all stages of the deal at 83 Buchanan Street.
“We advised on the initial acquisition and on the strategy for undertaking the necessary maintenance works while ensuring a seamless transition of occupational tenants. We then secured the sale of the investment.
“This deal demonstrates that, despite seemingly constant negativity regarding the state of the city’s economy, the right property in Glasgow can present an excellent investment opportunity for a sensible investor with the right team behind it. It goes without saying that there’s a massive need for regeneration and repurposing in areas on the periphery of the traditional shopping district, but the high demand for premium retail space on Buchanan Street and the surrounding area creates a strong core for the retail investment market.”
Douglas Hogg, HSA Retail Director, said: “HSA was delighted to be involved in the project as it is what you would call a ‘textbook’ investment sale which doesn’t happen often these days, even on Buchanan Street. An improved end price was achieved via a strategic re-let to Mint Velvet resulting in an increased rental and yield shift, which provided a healthy return on behalf of the landlord. HSA Retail acted jointly with GLJ Property throughout.”