Prominent Buchanan Street retail building sold for nearly £13.8 million

A prominent building on one of Glasgow’s busiest shopping streets has been sold for a huge fee.

98 Buchanan Street and 31 Royal Exchange Square has been sold to Cervidae for £13.775 million by Savills, on behalf of Old Park Lane Management (OPLM).

The building was OPLM’s final building in Scotland and this sale signals their exit from the Scottish market as they now turn their attention fully on central London development.

Retail space at 98 Buchanan Street is fully leased to British cosmetics retailer Lush as its flagship Scottish store for the next 12 years having opened in the building in December 2023.

Italian restaurant Banca di Roma who have premises in 31 Royal Exchange Square still have a lease for six more years.

Eilidh Levein an associate in the Scotland investment team, said: “We were delighted to represent OPLM in this disposal, the conclusion of which follows a flurry of activity on Buchanan Street, with more than £25 million placed under offer at the end of 2024.”