Sauchiehall Building
Background
At acquisition, the property had three vacant units, two units let on short-term licences and several leases approaching expiry or break dates, presenting an opportunity to strengthen the income profile and improve the occupier mix.
Development Initiatives
- Regeared the WHSmith and PureGym leases within the first 18 months and secured new lettings to Sports Direct and Blacks.
- Obtained planning consent to redevelop two vacant corner elements for food and beverage use.
- Pre-let the first phase to Smashburger for its first Scottish restaurant, before letting the second phase to Greggs and Bijoux Bar following completion of the refurbishment in summer 2017.
What We Did
Through proactive leasing, lease regears and the redevelopment of underused space, Quadrant repositioned the property, strengthened its income profile and improved the quality and diversity of the occupier mix.
Status
- Business plan completed and the property sold in June 2019 for £55 million, reflecting a 3% net initial yield.
- 182,000
- sq ft
- Glasgow
- Location
- KKR
- Capital Partners
- Past
- Status
Meet the team who worked on the Sauchiehall Building project
Christopher specialises in retail and mixed-use sectors and has worked in the retail park, shopping centre, and leisure markets since 1987. Christopher started his real estate career at Capital & Counties in retail asset management, followed by Matthews & Goodman in investment and development with a focus on retail parks. Since founding Quadrant with Tristam Gethin in 1997, he works with a variety of investors, including UK REITs, institutions and landowners, private equity and overseas investors and has developed over 2.5 million sq ft in the UK. Christopher has been responsible for the origination and acquisition of projects with a combined GAV of over £1.5 billion since founding the company.