Cervidae has purchased 98 Buchanan Street and 31 Royal Exchange Square in Glasgow from Old Park Lane Management (OPLM) for £13.775m.
The Buchanan Street site comprises 21,498 sq ft of retail space and is let in its entirety to Lush for its flagship Scottish store on an unexpired lease term of 12 years.
The adjoining 9,402 sq ft Royal Exchange Square site is let to Italian restaurant Banca di Roma on an unexpired lease term of six years.
OPLM is now focusing on its core strategy of large-scale Central London development with the Glasgow site representing its last remaining asset in Scotland.
Eilidh Levein, associate in the Scotland investment team at Savills, which acted for OPLM on the deal, said: “We were delighted to represent OPLM in this disposal, the conclusion of which follows a flurry of activity on Buchanan Street, with more than £25m placed under offer at the end of 2024”
JLL represented Cervidae.
