Kenmore Property Group has capitalised on the 'Selfridges effect' to turn a tidy profit in Glasgow. The property company has sold 176-186 Trongate - next to the entrance of the proposed Selfridges site - to Kilmartin for£3.5 million.
The property comprises a parade of three separate retail units providing 1,070 sq m over basement, ground and mezzanine levels. It is let to Abbey National (sub-let to Leathertex) until 2009; Shoe Express until 2006 and J D Sports until 2006.
Kenmore surveyor Grant Rawlinson said: 'We took a view on the improvement in the area when we bought the investment, which was prior to Selfridges' decision to locate there. Given its recent decision, this has paid off handsomely.'