Commercial Property News

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Tuesday, April 03, 2024

Miller Developments boosts portfolio with 5m Glasgow office acquisition

Miller Developments has further strengthened its Scottish office portfolio with the 5m off-market acquisition of Aspect Court in Glasgow.

The 27,000sq ft building on the city centre's West Regent Street was purchased in association with Northstar Development Solutions from North London-based property company Schreiber Developments.

Current tenants are Lamusking Architects, Fusion Insurance, Higham Insurance and Call One Direct - all on short-term leases - with 5,400sq ft of vacant accommodation. The passing rent is 290,000 per annum with the ability to significantly improve this through refurbishment and active management. The net initial yield is 5.5%.

Keith Mackie, Development Manager, Miller Developments, said: "The Glasgow office market is very robust and the acquisition of Aspect Court provides us with a range of options for improving the asset including the refurbishment of the vacant units and the potential to undertake a more comprehensive redevelopment. We are delighted to be working with Chris Vaughan of Northstar Development Solutions on this development."

Donaldsons acted for Miller Developments.