BMO Real Estate Partners (BMO REP) has today announced the purchase of 203-205 Argyle Street, Glasgow for £2.5m.
BMO REP was acting on behalf of Toscaig Properties to purchase the property – currently let to Pizza Hut until 2021, with an annual rental return of £179,500. The purchase adds to Toscaig’s existing Argyle Street portfolio, with the investor already owning the properties at 167-201, and represents a net initial yield of 5.75%.
Argyle Street, named after the Duke of Argyll, is the longest street in Glasgow and one of the main shopping streets in the city.
Commenting on the deal, Daniel Hall, BMO REP Asset Manager, said: “The completion of this purchase consolidates our Client’s holding of this important block, sitting between Glasgow Central, the St Enoch’s Centre and Glasgow’s premier shopping destination ‘Buchanan Street’. This strategic acquisition neatly ties together the blocks of the former Arnott’s and Woolworths department stores, unlocking the future redevelopment potential of the entire holding.”