A £7m investment by Ambassador LB at its three commercial buildings in Glasgow will deliver 60,000 sq ft of Grade A offices, equipped with world-class technological infrastructure together with well-located retail and leisure accommodation.
Ambassador LB Holdings LLP, a joint venture between Glasgow-based property investor Ambassador Group and specialist investment manager ICG-Longbow, has committed its Ink Building and Granite House properties to WiredScore’s ‘Wired Certification’ programme – a trusted benchmark for technological capacity, infrastructure resilience and connectivity.
The digital upgrades, are part of a £7m refurbishment programme of Ambassador LB’s Glasgow office portfolio, which also includes the Forsyth building, formerly RWF House.
The Ink Building rebranded in a nod to its publishing heritage is a 40,000 sq ft office located at a strategic gateway on Douglas Street in the International Financial Services District. Under the direction of Stallan-Brand, an award-winning Glasgow-based architect, a revised planning application has now been submitted.
Chris Richardson, Ambassador Group’s Investment Director, said:
“The enhancement programme across our portfolio will directly respond to the needs and wants of modern businesses. It is testament of our desire to cater for forward-thinking occupiers and set new standards in Glasgow.
“At Ink, we have earmarked £3m for a new roof, glazing, lifts, reception and façade improvement works. The redevelopment will bring sought-after office floorplates of up to 4,500 sq ft to the market early in 2019.”
Kevin Crowley, Managing Director of ICG-Longbow, added:
“Our increased investment into the JV portfolio reaffirms our conviction in the Scottish property market and the value-add opportunity we identified there two years ago. The Ink Building is the fifth acquisition for the partnership and delivers ‘Grade A’ office space in a supply constrained market.
“The refurbishment and digital upgrade will ensure our assets will meet the requirements of our customers in an ever-evolving real estate environment and future proofs our assets.’’
In the heart of the Merchant City, Granite House delivers flexible office accommodation across the upper floors, which are being rejuvenated via an ongoing refurbishment programme, whilst the Forsyth Building project will deliver retail and office space only a few minutes’ walk from Buchanan Street, Glasgow’s prime shopping destination, on the corner of Gordon Street and Renfield Street.
Savills and LSH are the joint letting agents at the Ink Building and Granite House; at Forsyth Building, CBRE and Savills are the joint office agents – and Culverwell and Syme are the joint retail agents. Syme is also the retail advisor at Granite House.