An iconic Buchanan Street building, which is the home of Urban Outfitters and North Face, has been sold by its current owners.
The building, which sits on the corner of Nelson Mandela Place, has been acquired by AEW Europe City Retail Fund from Aberdeen Standard Investments for £33 million, as reported by the Scotsman .
Originally built between 1875 and 1877, the building was once the home of the Glasgow Stock Exchange. However, in the 1970s, this merged with the Scottish Stock Exchange and after that the London Stock Exchange in 1973.
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North Face and Urban Outfitters, who trade on the ground floor of the building, have been there since 2001. Meanwhile, other companies, shops and restaurants in the five story building include Subway, Carlsberg, Absurd Bird.
The building itself was designed by John Burnet, who also created the Tomb of George Baillie by Glasgow Cathedral and Glasgow University ’s Mcintyre Building, and is believed to have been inspired by the Royal Courts of Justice.
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It is now a category A listed building in Scotland and one of the most impressive buildings in the city centre.
Spencer Corkin, director of investments at AEW, said: “This is one of the best retail assets in Scotland, reflecting our highly selective acquisition strategy in the UK.
“Buchanan Street is second only to London’s West End in terms of footfall and retail spend, yet it provides a significant prime yield margin. The micro location’s fundamentals remain particularly attractive with almost zero availability and robust occupier demand driving strong rental growth in recent years.”
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