In what must be Glasgow's biggest ever pub deal, a property investment company has rolled out a #4m cash barrel.
Portfolio Holdings Ltd has purchased the former bank building at 24 George Square and 2 St Vincent Street from publicans JD Wetherspoon. The latter operates the ground floor as the Counting House bar.
JD Wetherspoon, which was advised by Van de Berg in the transaction, is taking a 25-year leaseback on the ground floor pub at an initial rental of #250,000 per annum.
Portfolio Holdings plans to refurbish the office space above the pub. The accommodation extends to some 23,500 sq ft and is currently let on a number of short term leases, producing an annual income of #132,560.
The new owners were represented in the deal by Gooch Webster, Smith Cole Wright, and Hoddell Stotesbury.
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