AVIGNON Capital, the European property investment firm and asset manager, advised by Savills, has acquired two prime supermarkets in Glasgow from Town Centres Securities for £23.2 million.
Both stores are let to Waitrose.
Located at West Retail Park, Glasgow Road, Milngavie and Byres Road in Glasgow’s West End. The first, on Glasgow Road, extends 36,594 sq ft and is let until 2040 with a passing rent of £830,000 per annum. The second store, located at 363-381 Byres Road, totals 32,687 sq ft on a lease expiring 2029. The current rent passing is £595,000 per annum.
Rod Leslie, director in the investment team at Savills Scotland, comments: “We are extremely pleased to have secured the purchase of these two Waitrose stores on behalf of our client which represents their first foray into the supermarket sector. Both properties have strong underlying fundamentals, let to a major food occupier offering certainty of income and growth combined with future asset management opportunities. In an environment characterised by zero interest rates, food stores such as these, offering defensive income streams are highly sought after amongst investors who recognise the sector’s resilience throughout the ongoing Covid-19 pandemic.”
Town Centres Securities was advised by Sheridan Property Consultants Ltd.