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Glasgow, 17 December 2013 - VF Corporation, owner of the Timberland brand, has secured new premises on Glasgow’s thriving Buchanan Street.
91 Buchanan Street is now home to the company’s Timberland store with VF Corporation taking an assignation of an existing lease-hold interest in the 6,800 sq ft unit, which expires in September 2019 and has a current rent of £332,000 per annum.
Jones Lang LaSalle and Curzon Land acted on behalf of a private investor, for which it has acquired the premises for £6.655 million representing a net initial yield of 4.72 per cent.
As well as Timberland, VF, a multi-billion dollar apparel and footwear company, owns a number of popular brands, including The North Face, Lee and Wrangler. The Timberland store will sit beside other high-end retailers on Buchanan Street, including Hugo Boss, Apple, Zara and Jack Wills.
Ross Burns, director, capital markets for Jones Lang LaSalle, commented: “Recognising the increasing level of investment in Glasgow, our client was keen to purchase a prime retail property. Buchanan Street offers a fantastic shopping experience. It continues to be the central focus of retail in Glasgow and is moving from strength to strength offering a fantastic shopping experience.”
Douglass Hogg, director, retail for Jones Lang LaSalle, added: “Glasgow city centre has benefitted from vast redevelopment over recent years, and is now a well-established retail hub for central Scotland and the second biggest retail destination in the UK, after London. As the city is placed in the spotlight throughout 2014, we anticipate that investment opportunities such as this will continue to be snapped up very quickly indeed.”
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Cathrine Harrison - PR
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