By Ian McConnell
AEW UK REIT has completed the sale of 225 Bath Street in Glasgow for £9.3 million, with the building to be demolished and replaced with student accommodation.
The investment company said the sale “realises a long-term change-of-use strategy for the asset, with contracts for the sale having been exchanged with a subsidiary company of IQ Student Accommodation in October 2020”.
It added: “As stated...on 11 February 2022, planning consent has been gained by IQ for the demolition of the property and development of a 527-unit student accommodation scheme.”
READ MORE: Ian McConnell: Liz Truss sabre-rattling at EU threatens crisis-hit UK economy
AEW UK REIT said the sale agreement had required it to “negotiate with tenants to bring the asset to vacancy and, as a result, following its sale the occupancy rate for AEWU’s remaining portfolio will increase to 91.6% from 86.97% as at 30 June 2022”.
READ MORE: Ian McConnell: ‘Emergency’ – reality catches up with Tories, who fail to do anything about it
It added: “Reinvestment of the sale proceeds into pipeline assets under exclusivity is expected to provide a significant boost to the company’s earnings due to both higher levels of anticipated income receipts and lower running costs.”
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel