HKIP has acquired 55 Douglas Street in Glasgow’s financial district in a multi-million pound deal.
The office building, which sits on the corner of Douglas Street and Waterloo Street, has recently been comprehensively refurbished to provide 85,099 sq ft of Grade A office accommodation over six storeys.
The building’s current occupiers include publisher Reach, owner of the Daily Record and other titles, and media company Sky. HKIP said it intends to carry out enhancements to the common areas and amenities in 55 Douglas Street, further improving the building’s offering.
A spokesperson for HKIP said: “55 Douglas Street represents exactly the type of opportunity we are looking to acquire – a high quality, well-located building where we can see a clear route to creating further value through active asset management. The building has benefited from significant recent investment and provides excellent Grade A accommodation at a very competitive entry price and we plan to enhance its offering even further.
“With an established occupier base alongside good quality space immediately available to let, we believe it is particularly well positioned to benefit from the continued flight to quality we are seeing across the Glasgow office market. We remain very positive about Glasgow city centre and believe the combination of the building’s location, specification, and occupational flexibility gives us a strong platform from which to drive further leasing activity and enhance the asset over the coming years.”
Douglas Binnie, capital markets partner at Knight Frank Glasgow, which acted for HKIP on the deal, added: “55 Douglas Street is a great value‑add opportunity in the heart of Glasgow. The building has already undergone a high quality refurbishment and, with further enhancements planned, it offers immediately available space at a time when Grade A supply is highly constrained in the city centre.
“That is one of the reasons why we have seen so much activity on Waterloo Street over the last 18 months, as more investors look to capitalise on that trend. Under its new owner, 55 Douglas Street is well positioned to meet the needs of a range of occupiers and capture the growing appetite for flexible, best‑in‑class workspace in Glasgow.”
CBRE represented the seller.
