Praxis has sold a flagship retail unit on Glasgow’s Argyle Street to French SCPI Remake for £9m in a deal reflecting a net initial yield of 7%.
The store is leased to global fashion retailer Uniqlo on a 10-year term. Praxis acquired the unit as part of its purchase of the St Enoch shopping centre in May this year.
Ilan Goldman, director at Praxis, said: “This sale caps a successful start to our business plan at St Enoch with 60,000 sq ft of retail and leisure deals having been completed since acquisition and a further 16,000 sq in solicitors’ hands. Footfall is up this year by a further 13% and we expect customer numbers to continue to grow with the store openings in the pipeline for 2026.”
Knight Frank acted for Praxis and JLL represented Remake.
