Property developer MRP has announced it has completed the purchase of 200 Renfield Street in Glasgow.
Extending to 53,330 sq ft, the modern office building sits within a 1.6 acre site and occupies a highly prominent location at the northern edge of Glasgow’s central business district, in an area known as Broadway. It is 70% full following a recent letting to Instant Offices (c/o DWP) for the ground and first floors. The second floor remains vacant which MRP plans to refurbish and market for let.
MRP’s major investment in Glasgow began with the purchase of the last remaining development plot in the Broadway area in 2018. Part of the development is already underway with construction of the 300 bed Maldron hotel soon to complete this year and the remaining phase of the scheme earmarked for a 110,000 sq ft Grade A office building targeting BREEAM Excellent. The Broadway Central office building is the first speculative office to be granted planning permission under the innovative energy efficient Glasgow City Planning Policy CDP 5.
Commenting, Angus Monteith, Development Director at MRP, said: “The purchase of 200 Renfield Street is part of a major, long term investment project for us in this area of Glasgow. Our 300 bed 4-star Maldron hotel will open in July 2021 and we have planning consent for our 110,000 sq ft Broadway Central office development.
“Our development plans will revitalise an important area of the city centre and support its economic recovery, particularly following the pandemic. We plan to create a fantastic, combined estate with generous public realm that will make our new office building at Broadway Central unique in Glasgow city centre.”
Andy Cunningham from CBRE, who handled the sale on behalf of MRP, added: “It is great news that we have managed to secure the purchase of this well-known building in Glasgow city centre for MRP. It is located in a prime area of the city centre and has unrivalled public transport links and access to endless amenities.
“MRP has made a significant investment in the area showing that despite the pandemic there continues to be strong interest for high quality sites in the right locations.”
Glasgow’s Broadway area comprised the redevelopment of the former Scottish Television Studios to provide 275,000 sq ft of Grade A offices and a 200-bedroom hotel. The first phase of offices, the 125,000 sq ft Broadway One, is now occupied by Tesco Bank and the hotel was sold to citizenM Hotels for its first UK venture.
CBRE acted for MRP in the transaction whilst Savills represented the vendor Aegon Asset Management.