Reith Lambert appointed to the property management of Savoy Centre, Glasgow

Reith Lambert have been appointed by Mercer Real Estate Managers to manage Savoy Centre, Glasgow on behalf of Seymour Holdings

Ian Irvine, Partner of Reith Lambert commented…

Ian Irvine

“We are delighted to secure this appointment and look forward to assisting the Asset Managers  with their exciting plans plans for the retail and office elements.”

Ian IrvinePartner - Property & Shopping Centre Management

Reith Lambert appointed to the property management of Buttermarket Shopping Centre, Ipswich

Reith Lambert have been appointed by the joint venture of Capital & Regional and Drum Property Group to manage Buttermarket Shopping Centre, Ipswich on their behalf following its acquisition in March 2015.

Ian Irvine, Partner of Reith Lambert commented…

Ian Irvine

“We are delighted to secure this significant appointment with a view to assisting the owners with their comprehensive redevelopment plans for the Centre.  It is our view that the proposals will secure an exciting and vibrant future for the Centre and in turn greatly enhance Ipswich city centre.”

Ian IrvinePartner - Property & Shopping Centre Management

The Kyle Centre

Reith Lambert appointed to the property management of Kyle Centre & Arran Mall, Ayr

Reith Lambert have been appointed to the property management of Kyle Centre & Arran Mall, Ayr on behalf of Alloway LLP.

The instruction is to commence on 1st November 2014. Ian Irvine, Partner of Reith Lambert commented…

Ian Irvine

“We are delighted to be working with Alloway LLP and their Asset Manager, Graham Hamilton of PJ Leggate & Co, on this exciting project which will transform the fortunes of both properties.”

Ian IrvinePartner - Property & Shopping Centre Management

20-40 Gordon Street / 3 West Nile Street, Glasgow

Reith Lambert appointed to market Prime Glasgow City Centre mixed use Investment

Reith Lambert have been appointed to market a prime block of real estate in Glasgow City Centre

We will be bringing to the market 20-40 Gordon Street / 3 West Nile Street. The property comprises five ground floor retail units with office accommodation above. The main salient details are as follows:

  • Prominent corner block in the heart of Glasgow city centre, adjacent to the prime section of Buchanan Street
  • Glasgow is established as Scotland’s premier retail location and the most important retail centre in the UK outside London.
  • The retail units extend to a total net internal area of 454.75 sq m (4,895 sq. ft.).
  • 79% of the income is secured on the retail element which has an weighted average unexpired lease term of 8.41 years (7.04 years with break options).
  • The retail rents equate to £70.26 psf ITZA – £140.60 psf ITZA.
  • The office rents equate to £8.15 psf – £13.57 psf.
  • Total annual net rent of £307,361 pa compares to an ERV of £404,820 pa.

We have been instructed to seek offers in excess of £3.9m (Three Million, Nine Hundred Thousand Pounds Sterling) exclusive of VAT.  A purchase at this level will provide a net initial yield of 7.45% and a reversionary yield of 9.81%, after allowing for standard purchase costs of 5.8%.
 

Further information

20-40 Gordon Street / 3 West Nile Street