Aegon recently agreed a new, long lease over 120 Buchanan Street to luxury watch brand retailer Laing’s at a rebased market rent.

Buccleuch Property was attracted to the unit because of the long secure income stream and good potential for rental growth in the medium to long term.

Phil Eves of Buccleuch Property said: “We are constantly reviewing all sectors of the UK property market to seek out what we believe will provide good quality, sustainable income with the potential for growth.

“Buchanan Street offers the best retailing location in Scotland and consistently outperforms many of the key UK High streets in terms of attracting the best retailers. We believe recent strong letting activity on the street shows it has already bounced back and will continue to benefit from the large catchment area and wider regeneration projects ongoing in Glasgow city centre.”

The agreed sale price of £4,700,000 reflects a stabilised net income yield of 5.8%.

EYCO acted for the purchaser Buccleuch Property and Savills advised Aegon.