GEORGE House, a prominent multi-let building in Glasgow city centre, has been sold in a £10.65 million deal.
Lismore Real Estate Advisors said the transaction highlights growing investor demand for city centre office investments within Glasgow. The firm advised Ardstone Capital, on behalf of the Ardstone Regional Office Fund (a joint venture with CBRE Investment Management) on the sale of the property, which was acquired by a joint venture between Longstock Capital and TIME Equities.
George House is a 1970s building, arranged over ground and five upper floors. Extending to a total floor area of 99,740 sq ft with 31 car parking spaces, it comprises 91,008 sq ft of offices, plus 8,127 sq ft of leisure accommodation, all arranged around a private central courtyard.
Occupiers include Rathbones, Network Rail, Mitchells Roberton, Anderson Strathern and The Alchemist, with 40,000 sq ft currently vacant.
Simon Cusiter, director of Lismore Real Estate Advisors, said, “This landmark city centre office investment offered purchasers an attractive combination of secure income, underpinned by high-quality tenant covenants, and the opportunity to create value over time. Its prominence within Glasgow’s core, the inherent flexibility of the building and the medium term redevelopment opportunity presented an attractive profile.”
Lismore Real Estate Advisors represented Ardstone Regional Office Fund, whilst Sheridan Keane acted for Longstock Capital and TIME Equities.
