Leading Scottish independent law firm, Tods Murray, acted in two major property deals on behalf of long-standing client, Co-operative Insurance Society Limited (CIS) totalling a combined value of £74.5m. Both deals were concluded this month, providing a timely boost for the Scottish commercial property sector.
The Tods commercial property team, led by partner Angus McIntyre, are acting for CIS in the sale of Clyde Shopping Centre for £69m to Helical Bar and Prime Commercial Properties. Tenants of the 625,000 sq ft asset in Clydebank, Glasgow include Asda, Primark and BHS.
The sale of 123-133 Sauchiehall Street, Glasgow to the Threadneedle Property Unit Trust at a price of £5.5m completed during December. The property, which is fully let to Mothercare, Birthdays and Newsbox newsagents was built in 1923 by renowned Glaswegian architect James Carruthers.
Angus who also acted this year for Hermes Property Unit Trust in the investment sale of 3-5 Morrison Street, Edinburgh for £31.35m, commented:
"Tods Murray has a strong working partnership with CIS going back more than 40 years and we have collaborated very effectively to secure these deals. Both represent excellent outcomes for our client at a time when the commercial property market has been under pressure. I have been assisted on these matters by a great team, especially - Katie Corrigan, Scott Logan and Rachel Allan - who all worked tirelessly to bring these deals together for our client." | 