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Wednesday, April 25, 2023

GVA Grimley secures 35,000 sq ft deal at Hanover House

Property adviser GVA Grimley has agreed a 10-year lease of all eight floors of Hanover House on behalf of Registers of Scotland.

The deal will see the Government agency move from its current Glasgow base at 150 St Vincent Street to take sole occupancy of the 35,000 sq ft property at a rental of 14.50 per sq ft.

Commenting on the deal, Colin Mackenzie, partner at GVA Grimley, said: "The occupier market in Glasgow is extremely competitive and the landlord had some serious interest in the building from a number of other parties. The successful completion of the deal is a result for Registers of Scotland.

"At the moment, there's a lot of attention being placed on new Grade A stock in Glasgow. However, this deal reflects the ongoing interest in the office market as a whole. Overall demand from occupiers is still very strong in Glasgow, following last year's performance, and this is pushing up the value of solid Grade B buildings such as Hanover House."

The property, situated on the corner of Douglas Street and Cadogan Street, was purchased only a year ago by the current owner.

A refurbishment programme involving the installation of a new reception area, raised access floors and suspended ceilings incorporating LG3 lighting was completed recently.

Douglas Watson of Registers of Scotland, added: "The lease on our current building expires this year, so we were keen to find an affordable location in Glasgow and Hanover House was the ideal solution.

"The refurbishments undertaken by the landlord, added to the fact that we could occupy the entire building, were real selling points."

Atisreal and Ryden advised the landlord.