Lothbury buys retail-office property in Glasgow

Lothbury Investment Management has completed the purchase of a retail and office property in Glasgow, Scotland.

The independent investment manager of property unit trusts acquired the building on behalf of the Lothbury Property Trust for £17.4 mln (€20.2 mln).

The 3,250 m2 property comprises retail, leisure and offices and is located at 78-90 Buchanan Street and 9-17 Exchange Place in Glasgow.

Buchanan Street is home to a number of international retailers and is the second busiest retailing street in the UK, after London’s Oxford Street.

The property is fully let, with the ground floor units let to Vodafone, fashion retailer Bench and Starbucks. BDP, an international architecture practice, occupy the office accommodation. The Rogano restaurant, Scotland’s oldest seafood restaurant, also forms part of the property.

Mike Toft, senior fund manager at Lothbury Investment Management, said: 'This superb asset is undoubtedly located on one of the best retailing pitches in the UK. With Glasgow’s three main shopping centres based around Buchanan Street, it has consistently high footfall, which drives tenant demand.'

Cushman and Wakefield acted for Lothbury Investment Management, and Savills advised the vendor.

For more on the market, see the Glasgow section of the CityLeaders website.