Glasgow city centre office site acquired

PROPERTY investment and development company CEG has managed the acquisition of 33 Cadogan Street in Glasgow’s central business district.

With planning permission in place for a 275,000 sq ft development, the site has already been cleared and readied for construction. CEG revealed it has appointed a design team to enhance the sustainability credentials of the new development.

Glasgow-based Cooper Cromar, has been retained as architect for the scheme, having previously delivered CEG’s Number One Kirkstall Forge in Leeds.

CBRE advised CEG on the acquisition. Knight Frank and JLL represented M&G on the sale. JLL and CBRE have been appointed as joint agents to market the new development on behalf of CEG.

Tom Gaynor, head of investment at CEG, said, “We are confident in the strength of Glasgow’s office market. The city is under supplied in terms of Grade A workspace and there is a very restricted pipeline of consented and funded schemes. A significant number of recent lettings has further eroded available stock.

“Designed as a UK best in class building, The Grid responds to occupiers net zero carbon and sustainability requirements as well as providing enhanced amenities and a workspace environment that occupiers are seeking for their employees. The scheme is fully funded and we are committed to a pathway to commence construction on site as soon as possible.”