Springburn Shopping Centre sold for £2.3m

Galbraith has announced completion of the sale of Springburn Shopping Centre, Glasgow, on behalf of its client, Globe Trading Ltd, for £2.3 million.  Roebuck Asset Management has acted as strategic asset manager across a nationwide portfolio of 18 assets, including Springburn, for Globe Trading since 2009.  The mixed use portfolio had senior debt provided by Santander, with Roebuck providing lead asset management advice across the portfolio to the bank and client.

The 78,000 sq ft covered shopping centre opened in 1981 and remains the main retail outlet in Springburn, a suburb of Glasgow about two miles north of the city centre.

The shopping centre attracts around 44,000 visitors each week and has 31 tenants including B&M, Greggs, Subway, Farmfoods and the Post Office.  The sale attracted significant interest from prospective buyers and has been sold to a division of Panther Securities PLC.

Jamie Thain, handling the sale for Galbraith commented: “We are delighted to have successfully completed the sale of Springburn Shopping Centre of behalf of our client.  The centre is an important hub for the local community in Springburn and offers many opportunities for active asset management going forward.  I am sure it will continue to perform well for the new owners.”

Richard Swan of Panther Securities PLC commented – “We are pleased to have secured this shopping centre which represents a useful addition to our portfolio.  We remain keen to secure other strong income generating neighbourhood style parades and shopping centres where we can maintain or build on our returns.”

The investment team at Galbraith advise a broad range of investors and maintain a 100% client led approach to investment agency.

Jamie continued: “We have a strong track record as multi-sector advisors and will continue to identify opportunities for clients within a market which offers some exceptional opportunities.  We also offer asset management services including rent reviews, lease restructuring and building surveying as well as acting as letting agent.”

Galbraith has managed the property for Globe Trading since 2008, providing a full suite of management services including employing fully-vetted on site staff, running promotions, ensuring on site staff safety and management of health and safety standards.

The commercial division of the firm manages in excess of £450 million of property across the UK with a £6.5 million rent roll as well as providing asset management, investment, valuation, facilities management, sales, lettings and acquisition services.