Milngavie’s Waitrose and Aldi stores are sold as part of £35m deal

Waitrose store at Milngavie has been sold by Town Centre Securities, the regional 
property investor and car park operator.

Friday, 25th September 2020, 2:52 pm
Photo Emma Mitchell 18.07.16
Waitrose, Milngavie
Photo Emma Mitchell 18.07.16 Waitrose, Milngavie

The stock market-listed firm said it had sealed property investment deals for Waitrose stores in Milngavie and Glasgow, along with Aldi/Home Bargains store in Milngavie, and a high street retail store in Chiswick, London, for £35.2m.

The Waitrose branches have been sold as a single lot to Wire Oast on a freehold basis for £23.2m. Unconditional contracts have been exchanged with a completion date of October 8. The stores total 70,000 square feet and will continue to trade as Waitrose stores.

The Aldi/Home Bargains store has been sold to Magell on a freehold basis for just under £10.7m. The site totals 36,500 sq ft and is currently let to Aldi and Home Bargains.

Edward Ziff, chairman and chief executive of Town Centre Securities, said: “We have successfully navigated a very difficult period as a result of the Covid-19 disruption, and have continued to receive high levels of rent receipts.

“That said it has become increasingly clear we need to reset and reinvigorate the business.”