Poundland, Europe’s largest single price discount retailer, was last year snapped up by private equity group Warburg Pincus. Since then, Poundland has opened several new stores in a major expansion of their business.
This latest letting involves the property formerly occupied by Burger King in one of Glasgow's busiest shopping parades. At 10,389 sq ft, the unit has been taken on a 10-year lease at £375,000 per annum.
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Poundland will benefit from the proposed modernisation and reclad of the parade to link in the new Premier Inn on the adjoining St Andrews Tower.
John Conroy, Retail Partner at Ryden, said: "Poundland's expansion is testament to the success of the value sector in recessionary times. They will do well in this prime location which sees a high footfall due to the good mix of retailers situated here and will also be able to take advantage of the overall enhancement of the block in association with Premier Inn.”
Landlord ING Real Estate Investment Management was represented by Ryden & Savills; Poundland was represented by CBRE.
(GK)
