Commercial Property News

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Tuesday, August 28, 2023

Glasgow City Council to remain at Exchange House

The AWG Property/WG Mitchell joint venture has agreed a new 1.79 million a year lease with Glasgow City Council which will see the local authority remain at Exchange House in the city's George Street for another 15 years.

There is no break option as part of the deal, which will see Glasgow City Council remain in the 115,000 sq ft building it has occupied since 1994. The building is leased exclusively to the council and covers five floors plus a basement level and has 57 car parking spaces.

John Dunn, Director at AWG Property said: "We are delighted to have agreed a deal which will see Glasgow City Council remain at Exchange House.

"The building is in a prime city centre location and it is linked to the adjoining City Chambers, making it a key site for the council.

"We purchased Exchange House in July last year and this new deal reflects the activities we have undertaken to improve the building and the service available to the tenant as part of our asset management strategy."

The Exchange House deal represents one of Glasgow's biggest re-gearing exercises of the year to date and further underlines the buoyant Glasgow letting market.

Exchange House was purchased by the AWG Property/WG Mitchell JV investment fund for 29.35 million. The JV has now embarked on the second phase of the fund with plans to grow it to over 250 million, targeting innovative investment opportunities across Scotland.

AWG Property Limited is one of the leading property developers and property investment companies based in Scotland, with a portfolio split primarily between office assets and retail & leisure in the UK valued in excess of 700 million.

WG Mitchell is a privately owned property investment company that has built up a 500 million mixed property portfolio, including high profile acquisitions such as the Quay leisure park in Glasgow and the Point Hotel in Edinburgh.

WG Mitchell specialises in extracting maximum value from existing developments through centre development and active asset management. The company made its name by investing in property in Northern Ireland in the 1960s and started investing in Scotland in 1997 with the acquisition of the Wardpark industrial estate in Cumbernauld.