120 West Regent Street, Glasgow acquired for West Ranga Property Group

Global real estate agency CBRE has announced that it has acquired 120 West Regent Street, a multi-let prime office investment in the heart of Glasgow’s Central Business District, on behalf of West Ranga Property Group.

Occupying a prominent corner position at the junction of Wellington Street and West Regent Street, 120 West Regent Street is an imposing building which provides a first-class standard of modern open plan office accommodation across five floors.

Extending to 12,122 sq ft, with floor plates ranging from 1,720 sq ft to 2,608 sq ft, the property has undergone a comprehensive refurbishment, with around £575,000 being invested in the building since 2015. Its specification includes an impressive reception area, integrated LED lighting throughout, full raised access floors, a secure entry system, an 8-person passenger lift, and secure underground car parking.

The 100 per cent occupancy rate at 120 West Regent Street is testament to the excellent quality of its offering. Tenants at the property include Mediterranean Shipping, the world’s second largest shipping line in terms of container vessel capacity, wealth management firm Mattioli Woods which has £8.7b funds under management, and Ashfield Healthcare Communications, a global leader in commercial services for the healthcare industry.

Acting for West Ranga Property Group – which has offices in Dundee, Edinburgh and York – CBRE acquired 120 West Regent Street on a heritable interest basis (the Scottish equivalent of English Freehold).

Camille Casey, Associate Director at CBRE commented: “As a growing multi-disciplinary property company focused on UK commercial property assets, West Ranga Property Group was keen to acquire premium office space in a core, financial district location. The Glasgow office market continues to perform extremely well, so at a time when supply of office accommodation remains critical, we were very pleased that 120 West Regent Street met all of our client’s requirements and we were able to secure the property.”

James Appleton-Metcalfe of West Ranga Property Group added: “We are delighted to have extended our core portfolio with the acquisition of this high quality asset which address all the fundamentals of our investment criteria. As pro-active landlords we have already commenced a comprehensive programme of non-recoverable capital expenditure to improve and enhance the building for the occupiers following detailed meetings on site. We look forward to maintaining this approach with our tenants to ensure that 120 West Regent Street continues to be an attractive and innovative environment for business. We would like to take this opportunity to thank CBRE for introducing this asset and for their commitment in progressing the acquisition through to completion.”