Edinburgh and Glasgow retail sites go under hammer

Three commercial properties across the Central Belt are being sold over the internet this week by the capital markets division of consultancy Lambert Smith Hampton (LSH).

The online auctions include a Tesco Express store in Glasgow. Picture: Phil Wilkinson/TSPL

Two of the sites are in Glasgow, with a “prime retail pitch” on Milngavie’s Main Street – let to Marks & Spencer and Ladbrokes – expected to bring in bids of more than £7 million.

Offers of more than £1,375,000 are being sought for a site opposite Hampden stadium on Cathcart road, which counts Greggs and Tesco Express among its tenants, while in Edinburgh’s Gilmerton a retail park let to Iceland and Lidl is seeking bids in excess of £3.3m.

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Bidding for the properties will go live on LSH’s website on Thursday.

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Ewen White, director of capital markets at LSH in Glasgow, said: “Whilst this is one of the first times that an online sales platform has been used in this way, we believe that, due to its transparency, and immediacy, there are a number of organisations who will prefer this method of transaction.

“As the sale has a global reach, it ensures that buyers and sellers are paying the going market rate, and sellers will also get the same high-quality advice and legal certainty that they’ve always enjoyed. These are three excellent investment opportunities which we have selected for this first online bidding process and we expect to attract a lot of interest.”