The site was sold for approximately £14.25 million, reflecting a net initial yield of 4.75 per cent.  Work has now started on building the 36,208 sq ft supermarket, which will be Waitrose’s largest Scottish operation to date. 
The property has been pre-let to Waitrose on a new 20 year lease.  The purchase was carried out on a forward commitment basis and the build period is likely to be between eight to ten months.

Once open, the supermarket will be almost twice the size of Waitrose’s recently opened store in the city’s Byres Road and will create more than 200 new jobs. Greenlaw Village is located seven miles from Glasgow city centre adjacent to junction four of the M77.   Phase 1 is now built and features various shops and restaurants including a Tesco Express.  Further phases include and a health centre, pub, drive-through restaurant, a petrol station and a fitness and leisure facility. 

Alasdair Steele, partner, Knight Frank said: “This new supermarket will be a boost to the local economy and an asset to Greenlaw Village.  As a prime retail site it was an obvious attraction for a retailer such as Waitrose. “In the current economic climate obtaining a pre-let is often paramount to securing the sale of a site.  Forward sales on sites such as Greenlaw Village are becoming more common as a means of securing a prime location with the flexibility to purpose build.” 

Knight Frank acted on behalf of Gleniffer Estates PLC, with Osborne King and GVA Grimley, jointly representing the purchaser.

For further information, please contact:
Nicola McArthur at Consolidated on 0131 240 6426 or email nicolam@consolidatedpr.com
Naomi Curtis, Commercial PR Manager, Knight Frank, +44 (0)20 7861 1744