One of Glasgow’s most iconic prime office buildings has been bought in an off market transaction for £48.4 million.
110 St Vincent Street, Glasgow, was sold to Korean clients of Knight Frank Investment Management, advised by Knight Frank.
Steeped in history, the building was designed by renowned architect James Miller and opened in 1927 as the new head office for The Union Bank of Scotland. Following a merger with the Bank of Scotland in 1955, it became the bank’s chief office in Glasgow.
More recently the building was comprehensively refurbished to provide 96,751 sq ft of modern Grade A office accommodation whilst retaining the original listed façade and magnificent banking hall.
Duncan Miller, Director at Savills Investment Management, said: “The sale of 110 St Vincent Street demonstrates the ongoing appeal Glasgow’s property market, and caps a successful asset management programme during which we added significant value through extending Bank of Scotland’s lease.
Alex Braithwaite, Senior Investment Manager at KFIM, commented: “110 St Vincent Street is a prime asset that offers both longevity of income and strong performance potential. KFIM now manages ten assets on behalf of a broad range of South Korean investors and, notwithstanding the challenges of Brexit, this transaction clearly demonstrates continued confidence in the UK market. We continue to seek assets with strong income fundamentals in both the UK and Continental Europe.”
Alex France, Associate Director at Savills in Glasgow, comments: “110 St Vincent Street is one of Glasgow’s most impressive buildings and represented a rare opportunity to acquire an iconic building with a long-standing tenant. Glasgow continues to draw interest from international investors recognising the strong fundamentals of the market and attractive yields on offer”.