Commercial Property News

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Tuesday, March 13, 2024

Spectrum building in Glasgow sold for nearly 25m

An in-house German Fund of Henderson Global Investors has recently sold The Spectrum Building, 55 Blythswood Street, Glasgow, to in-house clients of Orchard Street Investment Management Ltd, namely Railways Pensions Nominees Ltd, for 24,875,000, reflecting a net initial yield of c 5%. The total rental income is 1,322,025 per annum with the office rents analysing to around 18.50 psf.

The property, situated in Glasgow City Centre's Central Business District, comprises a modern, high quality office building arranged over basement, ground and seven upper floors. The building provides 65,135 sq ft of Grade A office accommodation on the upper floors and approximately 7,040 sq ft of retail space on the ground floor.

Alasdair Ramsay, Head of the Scottish office of Drivers Jonas, who acted on behalf of the vendor, said: "The price achieved reflects the pressure on yields in the market, where offices are still very strong. It also reflects the improvements to the area."

Occupiers within the building include: Hogg Robinson, Scotcall and Mortgage Holdings.

Drivers Jonas and John Miles & Co acted for the vendors and Keneth Peters and Co acted for the purchaser.