Friday, May 12, 2023
Kilpatrick Property Group acquires Atlantic Chambers, Glasgow for £2.75m
Glasgow-based Kilpatrick Property Group has acquired Atlantic Chambers, 45 Hope Street/1A Cadogan Street, Glasgow, for £2.75m from London & Oriental.
The property, which comprises two ground-floor retail units totalling 4,000sq ft and 20,000sq ft of office space over seven floors, currently produces a rent of £195,000 per annum. Two office suites and one of the retail units are presently vacant which, once occupied, would bring the full annual rental value to an estimated £250,000. The purchase price represents a net initial yield of 6.7%, rising to 8.6% on the letting of the vacant accommodation.
Maurice Glen, Chief Executive of Kilpatrick Property Group said: "The Company is extremely pleased to have acquired this property on a virtually off-market basis. The building offers a number of asset management opportunities which can be implemented over the course of the next two to three years.
"This acquisition demonstrates Kilpatrick's appetite for mixed-use city centre properties to complement its already substantial holdings within high streets throughout Scotland and the north of England. This, together with other acquisitions presently in the pipeline, provides the Group with an excellent start to its new financial year".
Kilpatrick Property Group was advised in the acquisition by Knight Frank.
The property, which comprises two ground-floor retail units totalling 4,000sq ft and 20,000sq ft of office space over seven floors, currently produces a rent of £195,000 per annum. Two office suites and one of the retail units are presently vacant which, once occupied, would bring the full annual rental value to an estimated £250,000. The purchase price represents a net initial yield of 6.7%, rising to 8.6% on the letting of the vacant accommodation.
Maurice Glen, Chief Executive of Kilpatrick Property Group said: "The Company is extremely pleased to have acquired this property on a virtually off-market basis. The building offers a number of asset management opportunities which can be implemented over the course of the next two to three years.
"This acquisition demonstrates Kilpatrick's appetite for mixed-use city centre properties to complement its already substantial holdings within high streets throughout Scotland and the north of England. This, together with other acquisitions presently in the pipeline, provides the Group with an excellent start to its new financial year".
Kilpatrick Property Group was advised in the acquisition by Knight Frank.
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