GLASGOW’S famous Granite House has been sold to Ambassador LB Holdings LLP in a deal worth over £33 million.
The city centre property, located on Stockwell Street opposite Marks & Spencer’s Argyle Street store, the building provides 148,989 sq ft of office accommodation and 33,956 sq ft of retail space.
Office tenants include Clydesdale Bank PLC, House of Fraser, Ingeus and Utilita Energy and the ground floor retailers include Tesco, Poundland, Specsavers and Shelter.
Ambassador LB Holdings LLP is a joint venture between ICG-Longbow and Ambassador Group.
David Davidson, partner at Cushman & Wakefield said, “Granite House has performed extremely well for the current owners who have invested in the property and improved occupancy levels. This sale demonstrates the increasing interest in the Scottish investment market from investors based outside Scotland who see long term value and an attractive pricing discount for similar properties in Birmingham or Manchester.”
Chris Richardson, investment director at Ambassador Group and Ambassador LB Holdings added, “We are confident that with further investment in Granite House, we can drive rents, increase occupancy levels and look to the longer term further development potential of the building. We are delighted to be working with ICG-Longbow on this opportunity and growing our JV portfolio across Scotland and the UK.”
