Joint venture partners Ediston and Strathclyde Pension Fund (SPF) have purchased the Sentinel office building in Glasgow from Ardstone Regional Office Fund for £19.60m.
The Grade A building, which is located on the corner of Waterloo Street and Douglas Street, provides 84,095 sq ft over ground and nine upper floors.
The asset has undergone a comprehensive refurbishment and it has secured an EPC A rating and WiredScore Gold certification.
Calum Bruce, fund manager of Clydebuilt II Limited Partnership (CLP II), which is a JV between Ediston and Strathclyde Pension Fund, said: “Sentinel provides Clydebuilt with an attractive income stream which can be further improved through active asset management and the letting of the vacant floors. In a market with a limited supply of high-quality office accommodation, Sentinel is an attractive opportunity for tenants looking for new premises, with good interest already being shown by prospective occupiers.”
Simon Cusiter, director at Lismore, which advised Ardstone Regional Office Fund – a joint venture between Ardstone Capital and CBRE IM – on the deal, added: “The sale of Sentinel represents one of the most notable office investment transactions in Glasgow city centre this year, reinforcing investor appetite for prime, income-producing assets in Scotland’s largest city. Ardstone Capital repositioned the building, helping attract high quality tenants and providing a platform for future performance. The quality of the building was highlighted by the competitive nature of the sale process”
