Joint venture partners Longstock Capital and TIME Equities have acquired George House in Glasgow from the Ardstone Regional Office Fund – a JV between Ardstone Capital and CBRE Investment Management – for £10.65m.
The prominent, multi-let 1970s building is arranged over ground and five upper floors and provides 91,008 sq ft of office space plus 8,127 sq ft of leisure accommodation.
It is let to occupiers including, Rathbones, Network Rail, Mitchells Roberton, Anderson Strathern and The Alchemist, with 40,000 sq ft of space currently vacant, offering repositioning and redevelopment potential.
Simon Cusiter, director of Lismore Real Estate Advisors, which advised the vendors on the sale, said: “This landmark city centre office investment offered purchasers an attractive combination of secure income, underpinned by high-quality tenant covenants, and the opportunity to create value over time. It’s prominence within Glasgow’s core, the inherent flexibility of the building and the medium term redevelopment opportunity presented an attractive profile.”
Sheridan Keane acted for Longstock Capital and TIME Equities.
