Altum acquires Prime Glasgow Retail Block

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.”

Press Enquiries – Ian Purvis t: +44 (0) 20 7647 4420 e: ian@porterfield.co.uk