Firm outgrows its offices
GVA notes more Glasgow firms buying property
Bilfinger GVA has sold a corner office building in West Regent Street, Glasgow to Redpath Bruce, the property management company, for an undisclosed sum believed to be in the region of £750,000.
Alison Taylor, head of business space Scotland at Bilfinger GVA, said this is the latest transaction by firms in Glasgow to own their own property again.
“It is an opportune time for business owners to take advantage of a sector of the market that has not yet fully recovered in Glasgow, with predictions of capital appreciation in the offices sector over the next few years benefiting any new entrants to the market,” she said.
The latest sale will see the 109 year old Redpath Bruce relocate from its premises at 103 West Regent Street to the building formerly occupied by Direct Line Insurance at 152 West Regent Street.
While the economic downturn has affected many property service providers, Redpath Bruce has outgrown its existing property both organically and through corporate acquisitions.
Christian Bruce, owner, said the new office, which extends to just under 12,000 sq ft, will enable the company to stay in the same area of the city.
“We were reluctant to leave the West Regent Street area which suits our clients and our staff but we now have a headcount of over 60 and needed more space,” he said.
“The property at 152 West Regent Street presented an excellent opportunity for our practice to expand and at the same time continue to own our property which we see as an investment for the future.
“We will be seeking initially to lease out some of the surplus space and expand into the entire building at a later date. For us, owning our property provides a more cost-effective and long-term solution than leasing, predominantly due to the current low interest rates in the UK.”
Bilfinger GVA advised Woolgar Hunter on the purchase of a similar property of approx. 13,000 sq ft at 226 West George Street. Ms Taylor also confirmed that Bilfinger GVA is marketing for sale an entire townhouses at 243 West George St at 20,000 sq ft.