10-year agreement on offices
Housebuilder commits to Glasgow with new lease
The total value of the deal is £4m over the full term and business is also investing £400,000 to refit the 17,000 sq ft of office space.
Property group Moorfield and joint venture partner Resonance Capital acquired the Grade A office building in September 2015 along with neighbouring 2 and 3 Atlantic Quay. The company has recently begun a programme of investment into the properties.
Mactaggart & Mickel Group was advised on the transaction by Dornan & Co.
Andrew Mickel, director ,said: “Glasgow is very much home for Mactaggart & Mickel Group so we were pleased to conclude the renewal of the lease. The 10 year agreement does not include a break clause, marking a clear sign of our commitment to continue to operate in the city.
“The sector has undergone a period of political uncertainty but, as we move into our tenth decade in business, we are confident in the long term performance of the UK property market and continue to plan for business growth.”
Mark Holmes, asset manager at Moorfield, said: “Mactaggart & Mickel Group’s commitment to remain in Atlantic Quay 1 is an endorsement of the quality of the complex and its location in the city’s business district.”
Angela Higgins of Resonance Capital added: “This is excellent news for Atlantic Quay and for the city. The evolution of Atlantic Quay is now under way and we aim to realise the complex’s full potential as a destination waterfront location.”