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.



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