A prominent office block in the centre of Glasgow, George House in George Square, has been sold for £10.65m.
Lismore Real Estate Advisors advised Ardstone Capital, on behalf of the Ardstone Regional Office Fund – a joint venture with CBRE Investment Management – on the sale to a joint venture between Longstock Capital and TIME Equities.
The 1970s multi-let building, over ground and five upper storeys, has a floor area of 99,740 sq ft, with 31 car parking spaces.
It is let to a number of tenants including Rathbones, Network Rail, Mitchells Roberton, Anderson Strathern and The Alchemist, with 40,000 sq ft vacant.
Simon Cusiter, director of Lismore, 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.
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