MRP snaps up Glasgow office building

PROPERTY developer MRP has finalised the purchase of 200 Renfield Street in Glasgow.

The office building sits within a 1.6-acre site at the northern edge of Glasgow’s central business district, in an area known as Broadway. It is 70% full following a recent letting to Instant Offices (c/o DWP) for the ground and first floors. The second floor remains vacant, which MRP plans to refurbish and market for let.

MRP’s investment in Glasgow began with the purchase of the last remaining development plot in the Broadway area in 2018. Part of the development is underway with construction of the 300-bed Maldron hotel due to complete this year and the remaining phase of the scheme earmarked for a 110,000 sq ft office building targeting BREEAM Excellent.

Angus Monteith, development director at MRP, said, “The purchase of 200 Renfield Street is part of a major, long term investment project for us in this area of Glasgow. Our 300-bed 4-star Maldron hotel will open in July 2021 and we have planning consent for our 110,000 sq ft Broadway Central office development.

“Our development plans will revitalise an important area of the city centre and support its economic recovery, particularly following the pandemic. We plan to create a fantastic, combined estate with generous public realm that will make our new office building at Broadway Central unique in Glasgow city centre.”

Andy Cunningham from CBRE, who handled the sale on behalf of MRP, added, “It is great news that we have managed to secure the purchase of this well-known building in Glasgow city centre for MRP.  It is located in a prime area of the city centre and has unrivalled public transport links and access to endless amenities. MRP has made a significant investment in the area showing that despite the pandemic there continues to be strong interest for high quality sites in the right locations.”

CBRE acted for MRP in the transaction whilst Savills represented the vendor Aegon Asset Management.