Counting House, Glasgow, Added to Acquisition Success for James Barr
Posted on 20/09/12
Acting on behalf of Cordea Savills, the international property fund manager, James Barr’s investment team has concluded the successful acquisition of The Counting House public house on Glasgow’s George Square for £4 million which reflected a net initial yield of 6.32%. The property was purchased from Scottish Widows Investment Partnership Property Trust by Cordea Savills UK Income & Growth Fund.
Extending to 22,342 square feet, the property is currently let to JD Wetherspoon on a long lease and is reported to be one of the company’s top three trading pubs in the UK. The ground floor of the listed building was converted into a pub in 1996.
James Barr acted in the acquisition on behalf of Cordea Savills and Smolka Strachan acted on behalf of Scottish Widows Investment Partnership.
George Tindley, Fund Director at Cordea Savills, commented:
“The recent acquisition in Glasgow fits very well in our portfolio as it will deliver secure and regular income from a reliable tenant. We also expect future outperformance, which should mainly be achieved by rental growth in this very popular location in Glasgow. We bought the asset at an attractive net initial yield of 6.32 per cent.”
Jamie Thain, Investment Director at James Barr, commented:
“We are delighted to have been able to secure this well let ‘off market’ opportunity for our client and are confident that it will perform well for them going forward.”
For more information, please contact Jamie Thain