Two Glasgow debuts in raft of retail deals

Ambassador LB has secured 17,000 sq ft of retail deals in Glasgow – including Shelter’s new headquarters and two market debutants – as Scotland’s largest city continues to prove an attractive draw.

Ambassador LB Holdings LLP, a joint venture between Glasgow-based property investor Ambassador Group and specialist investment manager ICG-Longbow, has agreed a series of new deals and lease renewals. The weighted average unexpired lease term of the five deals at Granite House and Forsyth Building is c.15 years, as operators commit to one of the UK’s prime retailing destinations.

In the heart of the Merchant City, charity Shelter Scotland has taken 8,000 sq ft for a combined office and shop operation at Granite House; whilst Triple Two Coffee Masters, an expanding coffee and food chain, has signed up to a 1,200 sq ft unit for its first Scottish branch at the Stockwell Street building.

An award-winning American pizzeria is set to open its second Scottish restaurant this summer on Renfield Street at the corner with Gordon Street and a few minutes’ walk from Buchanan Street. Project Pizza has taken a 3,000 sq ft slice of leisure space at The Forsyth Building.

In a further boost to Glasgow’s retail market Ambassador LB renewed the leases of five existing tenants at Granite House, with William Hill, Specsavers and Phone Logic, Newsmart and King Cut Barber all committing to lease extensions totalling 5,000 ft.

Chris Richardson, Ambassador Group’s Investment Director, said: “That we’ve secured two new operators in Glasgow underscores the strength of the city as a prime retail and leisure destination. The 17,000 sq ft of deals is testament to significant investment we’ve made in both Granite and Forsyth – and highlights the locational attributes of both assets. The right retail product in the right location continues to perform well.”

An ongoing £7m refurbishment programme across Ambassador LB’s Glasgow portfolio, which also includes the Ink Building, is delivering 60,000 sq ft of Grade A offices – as well as modern retail and leisure accommodation.

Granite House delivers flexible office accommodation across the upper floors and recently refurbished ground floor retail and storage space on Stockwell Street; the Forsyth Building offers retail and office space on the corner of Gordon Street and Renfield Street; and the soon to be refurbished Ink Building is a 40,000 sq ft office, on Douglas Street in the heart of the IFSD

Savills and LSH are the joint agents at Granite House and Ink Building; at Forsyth Building, CBRE and Savills are the joint office agents – and Culverwell and Syme are the joint retail agents. Syme is the retail agent at Granite House.