Glasgow’s Sauchiehall Street Waterstones on market

Scotland’s largest bookshop has been put up for sale, with owner Aviva Investors seeking offers of more than £4.25 million for the Waterstones branch in Glasgow.

Waterstones' Sauchiehall Street branch is the largest bookshop in Scotland. Picture: PA

The investor has appointed property adviser Savills to find a buyer for the four-storey site on Sauchiehall Street.

Covering 37,760 square feet, the building is let in its entirety to Waterstones, generating an annual income of £415,000 with an unexpired lease term of six-and-a-half years.

Mark Fleming, investment director for Savills in Scotland, said: “Glasgow’s investment market has seen significant activity in the first half of 2015 as investors continue to be attracted to the opportunity for discount against the other principal regional cities of Manchester and Birmingham.

“With a lack of available stock, combined with stronger occupational markets, we anticipate there will be further yield compression, particularly at the prime end of the market. All of these factors suggest this new opportunity will attract notable interest from a variety of purchasers already active in the market.”

The move came as rival property firm CBRE said occupier demand for office space “remains healthy” across Scotland, although investor confidence in Aberdeen has been hit by the oil and gas downturn.