124 St Vincent Street acquired for redevelopment
Shelborn Investments Limited is planning a full refurbishment of 124 St Vincent Street after completing an acquisition of the Glasgow office building.
Located in the heart of the city’s Central Business District, the property extends to 38,750 sq ft over ground and seven storeys, with 16 car parking spaces also included.
Claremont has been appointed to design and construct a full refurbishment of the building, with completion scheduled towards the end of this year.
Real estate agency CBRE advised Shelborn Investments on the sale while boutique property advisors DougraySmith represented the vendor.
Andy Cunningham, senior director at CBRE, said: “Shelborn Asset Management was keen to extend its portfolio by acquiring an office development opportunity in Glasgow city centre and I’m delighted to have helped them achieve this by securing 124 St Vincent Street - especially at a time when the supply of high quality, well-located office accommodation in Glasgow remains in short supply.”
Mark Rabinowitz of Shelborn Asset Management added: “We are delighted to have extended our portfolio of UK office developments with this high-quality asset. It is further testament to our commitment to enhancing the value of our clients’ investments through proactive management income growth. We are grateful to CBRE for introducing this asset to us and for their assistance in progressing the acquisition through to completion.
“We have appointed Claremont to design and construct a full refurbishment of the building which we hope to complete towards the end of this year. CBRE and Ryden have subsequently been appointed as joint letting agents to work with us to secure new occupiers.”
David Smith of DougraySmith said: “Glasgow’s office market continues to perform extremely well and the appetite amongst investors for office development opportunities in the city’s thriving CBD remains positive. The sale of 124 St Vincent Street, therefore, represented a major opportunity to secure a prime piece of real estate which has all the ingredients to become a success, and our congratulations go to Shelborn Asset Management on securing this opportunity.”