Altum acquires Prime Glasgow Retail BlockJanuary 2015
Altum Capital has acquired a prime retail and leisure block in central Glasgow. The 30,000 sq ft building on the corner of Argyle Street and Union Street, comprises five units and occupies a prominent corner position opposite Central Station.
162-178 Argyle Street and 4-26 Union Street is also close to the St Enoch Centre and tenants include Waterstones and KFC. The current rental income is £865,800 and the deal represents a net initial yield of 11%.
Rupert Mitchell of Nightingale Partners, who advised Altum Capital on the deal, comments, “We believe that although the property provides a solid short term income base, there is scope for re-development and asset management. Altum has appointed Mosaic Architecture to explore alternative uses and opportunities.”
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