Alinor Capital Management Ltd and Sterling Property Ventures have acquired The Bond, a newly refurbished office building, in Glasgow. The deal is valued at more than £15 million.
Located on prominent Queen Street, the property – the former home of Clydesdale Bank – comprises 145,130 sq. ft of premium mixed-use space, including approximately 16,500 sq. ft of ground-floor retail space and more than 128,000 sq. ft of office space across seven additional floors, as well as a basement car park.
The building recently underwent an £8.8m refurbishment, including the restoration of its Baroque-style façade. The works also introduced a new ground-floor reception, meeting spaces, a café, tenant lounge, wellness, and commuter facilities. Office accommodation on the first and second floors has also been upgraded to Grade A specification, achieving an EPC A rating.
Alinor is an investment firm specialising in European alternative credit, including real estate. Sterling is a niche London-based asset management and development business with approximately £600m of assets under management, including single asset and portfolio mandates.
Alinor Capital Co-Founder and Partner Alex Mahler said: “We are very pleased to have completed the acquisition of The Bond. As the “flight to quality” continues, demand for best-in-class space is outpacing supply. The opportunity to work with a first-class operator such as Sterling to acquire, upgrade and re-let a core asset like The Bond represents a compelling investment opportunity in the current environment and reflects a strategy that is a key focus in our pipeline.”
Sterling Managing Director James Howarth said: “We have a track record of delivering best in class workplaces, focused on providing flexible solutions for occupiers and creating better working environments for their staff, improving efficiency and retention and are delighted to be collaborating with Alinor on this investment
“We have exciting plans to transform The Bond, including adding a bar/event space, co-working space and an enhanced reception and amenity on the ground floor.’
“We’re also committing to refurbish the third to seventh floors in one phase, bringing the whole of the building up to Grade A, EPC A standard and providing open-plan floorplates of c.15,000 – 18,500 sq ft, which are currently scarce in the city. The Bond is one of a handful of office buildings in Glasgow able to accommodate a single requirement in excess of 50,000 sq ft.”
Commercial property consultants Ryden advised on the purchase, with Savills acting for the vendor.