The Müller International investment team sourced and advised on the purchase by a German family office of this central Glasgow office building overlooking the River Clyde.
The modern building, which extends to some 80,000 sq. ft. over 9 floors with 31 additional car parking spaces at basement level, dates from 2004 and is fully let until early 2021 to Atkins and Chubb, each with a D&B 5A1 rating. The property is located within Glasgow’s IFSD (International Financial Services District), an area favoured by Scottish Enterprise to provide for and attract inward investment to the UK’s second city.
“It is interesting that whilst some of the more institutional investors, and overseas buyers from further afield, seem hypnotised by the on-going Brexit brouhaha in London that a German family office can still recognise a good opportunity. The opportunity presented a limited downside position and combined with the weakness of sterling and a healthy local market in Glasgow this creates a great prospect for our client to steal a march on their more cautious competitors” said Theo Utton-Gaunt director of Müller International’s investment team. “We have been pretty active over the last number of years in Glasgow so we are able to recognise a good opportunity quickly enough” continues Mr Utton-Gaunt.
The relatively short lease terms were identified by Müller as providing an attractive opportunity for asset managing both the income stream, given the attractive rental growth prospects within the building, as well as within the IFSD itself which has now come of age since the building was completed in 2004. In a market where tenant expectations and their staff’s anticipation of the working environment relentlessly increase Müller see this as an opportunity to upgrade the building both from an environmental standpoint and by considering its design profile.
Müller International has had a long association with Glasgow since it has proven a popular investment destination with a number of German investors over the last 20 plus years.
Enquiries to: Theo Utton-Gaunt
Tel: +44 (0) 207 448 1160