CBRE has announced that it has completed an off-market sale of The Forsyth Building in Glasgow on behalf of Ambassador Group.
It was purchased by a London-based private investor for £9.7 million, represented by Landswood De Coy.
Located on the corner of Gordon Street and Renfield Street in the heart of Glasgow city centre, The Forsyth Building comprises a B-listed, mixed-use office and retail/leisure building.
Historically known as Forsyth Department Store, the building was recently refurbished by Ambassador Group. It is currently let to tenants including Burger King, Greggs, Miller Samuel, Moray Group, Davies Group, and Digitonic.
Martyn Brown, director at CBRE, commented, “We’re pleased to confirm the off-market sale of this quality, mixed-use asset. With a strong tenant mix and a prime location, the sale offers the purchaser the potential to take advantage of multiple asset management opportunities.”
Chris Richardson, MD of Ambassador Investments, added, “We’re delighted to be able to complete our asset management plan and sell this iconic piece of Glasgow architecture, which is now a thriving mixed-use building, to a buyer who we believe has the same passion for the asset and for Glasgow as we did. We undertook a significant refurbishment of the building during our ownership and worked hard to deliver a sustainable and accessible building with great tenants.”