Sale of Waitrose in Glasgow bags £12m

The purpose built unit was constructed around nine years ago and formed the catalyst for the wider development known as Greenlaw Village in Newton Mearns.

Extending to approximately 36,189 sq ft (3,362 sq m) with 182 car parking spaces, the unit is let to Waitrose for a further 12 years and generates a rent of £714,733 per annum. The sale price reflects a net initial yield of 5.55 per cent.

Savills, acting on behalf of Northern Bank Pension Trust on the deal.

Stuart Orr, director in the investment team at Savills Glasgow, said: “The Waitrose in Newton Mearns is a compelling investment given the demographics of the catchment which is set to significantly grow with a further 3000 new family homes being built within five minutes drivetime of the store, coupled with an attractive yield discount that continues to exist in Glasgow compared to other key UK regional markets.”