Glasgow-based property company Gleniffer Estates has forward sold the fourth phase of Greenlaw Village in Newton Mearns, to an unnamed pension provider.
The site near Glasgow, which is prelet to supermarket chain Waitrose on a 20-year lease, was sold for around £14.25m – a net initial yield of 4.75%.
Work has now started on the 36,208 sq ft supermarket, which will be Waitrose’s largest Scottish operation to date. Work is expected to take up to ten months.
Once open, the supermarket will be almost twice the size of Waitrose’s recently opened store in the city’s Byres Road and will create more than 200 new jobs.
Greenlaw Village is located seven miles from Glasgow city centre adjacent to junction four of the M77. Phase 1 is complete and comprises various shops and restaurants including a Tesco Express.
Further phases include and a health centre, pub, drive-through restaurant, a petrol station and a fitness and leisure facility.
Knight Frank partner, Alasdair Steele, said: “This new supermarket will be a boost to the local economy and an asset to Greenlaw Village. As a prime retail site it was an obvious attraction for a retailer such as Waitrose.
“In the current economic climate obtaining a pre-let is often paramount to securing the sale of a site. Forward sales on sites such as Greenlaw Village are becoming more common as a means of securing a prime location with the flexibility to purpose build.”
Knight Frank acted on behalf of Gleniffer Estates; Osborne King and GVA Grimley, jointly represented the purchaser.
bridget.oconnell@estatesgazette.com
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