Global real estate agency CBRE has advised Shelborn Investments Limited in its acquisition of 124 St Vincent Street – a striking office building located in the heart of Glasgow’s Central Business District.
Boutique property advisors DougraySmith represented the vendor.
The landmark building is situated in a prime location on St Vincent Street between the junctions of Hope Street and Renfield Street. Extending to 38,750 sq ft over ground and seven storeys, the property also includes 16 secure car parking spaces.
124 St Vincent Street is ideally placed, within minutes of Glasgow Central and Queen Street Railway Stations. Glasgow Airport is within 15 minutes’ drive time and directly opposite the building is a bus stop on the Glasgow Airport Express route.
Andy Cunningham, Senior Director at CBRE commented: “Shelborn Asset Management was keen to extend its portfolio by acquiring an office development opportunity in Glasgow city centre and I’m delighted to have helped them achieve this by securing 124 St Vincent Street – especially at a time when the supply of high quality, well-located office accommodation in Glasgow remains in short supply.”
Mark Rabinowitz of Shelborn Asset Management added: “We are delighted to have extended our portfolio of UK office developments with this high quality asset. It is further testament to our commitment to enhancing the value of our clients’ investments through proactive management income growth. We are grateful to CBRE for introducing this asset to us and for their assistance in progressing the acquisition through to completion. We have appointed Claremont to design and construct a full refurbishment of the building which we hope to complete towards the end of this year. CBRE and Ryden have subsequently been appointed as joint letting agents to work with us to secure new occupiers.”
David Smith of DougraySmith said: “Glasgow’s office market continues to perform extremely well and the appetite amongst investors for office development opportunities in the city’s thriving CBD remains positive. The sale of 124 St Vincent Street therefore represented a major opportunity to secure a prime piece of real estate which has all the ingredients to become a success, and our congratulations go to Shelborn Asset Management on securing this opportunity.”