In the biggest-ever single-asset transaction in the retail park market, Pillar Property and Capital & Regional have agreed to sell the Glasgow Fort shopping park to the Hercules Unit Trust for£194.7 million.
The sale of the 378,000 sq ft (35,115 sq m) Open Class One shopping park is subject to approval by the Hercules unit holders and Glasgow City Council.
The park, located at Junction 10 of the M8 motorway, is under construction, with completion of Phase One due at the end of October. It will provide 300,000 sq ft (27,870 sq m) of non-food retail space, with no restrictions on use or unit size.
Planning also exists on Phase One for 62,700 sq ft (5,825 sq m) of leisure and 15,000 sq ft (1,400 sq m) of food and drink use. The total development cost is about£142 million.
The 74 retail units in Phase One range in size from 500 sq ft to 25,000 sq ft (45 sq m to 2,320 sq m) and are already 70 per cent pre-let or under offer. Tenants include Boots, JD Sports, Borders, Argos, Virgin, TK Maxx and JJB Sports. The park also has a strong fashion element, with units pre-let to Next, Arcadia and River Island.