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Friday, November 24, 2023

City Park in Glasgow acquired by Rock City Park Jersey Unit Trust

City Park, Glasgow's award-winning business complex has been acquired by a leading specialist real estate fund management boutique.

Rock City Park Jersey Unit Trust, a fund created by Rock Capital Group, has invested over 63 million purchasing the prestigious office development from joint venture partners Elphinstone and Earthquake Property Partners and funders Irish Nationwide. The headline purchase price reflects an initial yield of 6.50%.

City Park, one of Scotland's most adventurous property regeneration initiatives, has transformed the Grade B listed Art Deco building, which re-opened in September 2002.

More than 3000 people now work in the 300,000 sq.ft. office development which has won four prestigious property awards. Tenants include Dell Corporation Ltd, Aggreko, Scottish Gas, Halcrow, Carl Bro, NCH Scotland, Glasgow Housing Association, Homebuy Group plc, Scottish Enterprise and SAGA 105.2 fm.

Elphinstone had the vision to create the largest office space in the UK outside London and rejuvenated both the building and the surrounding community. The refurbished property has 67,000 sq.ft. of office floor plates and facilities include a 24-hour gym, shop, breakout areas and conference facilities.

Rob Silvester, Property Director at Rock Capital Group, commented: "We are delighted to have acquired this award-winning building and feel confident that the development provides excellent opportunity for growth."

Ken Ross, Chairman and Chief Executive of Elphinstone said: "We are pleased that the building has gone to a major UK player. Creating City Park has given us an immense amount of satisfaction. To get to this point we had to address many technical and design issues and we had to create something special within a listed building.

"This was a high risk development, but with the right vision, a strong innovative team and a long-term view we were confident that the concept of City Park, a business village in the city, would catch on. We can see today that it did."

The investment sale was handled by Michael Walton, Director of Investment DTZ Scotland, acting for the vendor and DTZ London, acting for the purchaser.