Lismore Real Estate Advisors has advised on the £10.65m sale of George House, a landmark multi-let office building in Glasgow city centre, in a deal that underlines growing investor appetite for prime regional office assets.
The property was sold by Ardstone Capital, on behalf of the Ardstone Regional Office Fund – a joint venture with CBRE Investment Management – and acquired by a joint venture between Longstock Capital and TIME Equities.
George House is a prominent 1970s city centre building arranged over ground and five upper floors, extending to 99,740 sq ft and including 31 car parking spaces.
The accommodation comprises 91,008 sq ft of offices and 8,127 sq ft of leisure space, centred around a private internal courtyard.
RISING DEMAND
The building is multi-let to a strong tenant roster including Rathbones, Network Rail, Mitchells Roberton, Anderson Strathern and The Alchemist. Around 40,000 sq ft is currently vacant, providing scope for repositioning or redevelopment.
Lismore said the transaction reflects increasing demand for city centre office investments in Glasgow, which continues to attract capital from a global investor base.
Simon Cusiter, director of Lismore Real Estate Advisors, says: “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.”
Lismore Real Estate Advisors acted for the Ardstone Regional Office Fund, while Sheridan Keane advised Longstock Capital and TIME Equities on the acquisition.
