George House transaction highlights growing investor demand for city centre office investments
Lismore Real Estate Advisors (Lismore) has advised on the £10.65 million sale of George House, one of Glasgow’s most prominent multi-let buildings.
This transaction highlights the growing investor demand for city centre office investments within Glasgow, which continues to be one of the UK’s key regional cities, attracting investment from a truly global investor base.
Lismore 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 highly prominent 1970’s multi-let 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.
It is multi-let to a strong line-up of occupiers including, Rathbones, Network Rail, Mitchells Roberton, Anderson Strathern and The Alchemist, with 40,000 sq ft currently vacant, offering repositioning and redevelopment potential.
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.
“It’s 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.
