Grade A offices change hands
Clearbell sells prime Glasgow offices
M&G Real Estate will acquire 100% interest in 1 West Regent Street which has 143,000 sq ft of space over ten floors and three retail units on the ground floor.
A fund managed by Clearbell acquired 1 West Regent Street in 2012 in a joint venture with M&G to speculatively develop the building to address the shortage of centrally located, modern Grade A offices.
Completed on time in April 2015, the building is 73% let, having attracted tenants such as Weir Group, CMS, Arup, FDM Group, Global, Shepherd and Wedderburn and Giraffe.
Manish Chande, senior partner at Clearbell, said: “We recognised the need for better quality office space for businesses in Glasgow and for institutional investors seeking long dated income.
“The development at 1 West Regent Street was intended to address this need. We have ensured the building has excellent sustainability and design credentials to attract a high calibre of organisation.
“Since finishing the development we have secured a number of high calibre tenants, highlighting the quality of the building design and accessible location. By capitalising on the demand for office space outside of London, we have achieved a significant return on our initial investment.”
Hugo Henkes, director, Investment at M&G Real Estate, adds: “The scheme has enjoyed enormous success and attracted a range of tenants providing secure income – a clear reflection of the quality of the building and its prime location. Interest in the remaining space is strong and we expect to secure additional occupiers in the near future.”
Bilfinger GVA and JLL are letting agents for the office development with CBRE and Culverwell marketing the ground floor retail units.