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Consultancy takes space

St Vincent Plaza bags biggest letting in Scotland

St Vincent Plaza

St Vincent Plaza, , one of Glasgow’s newest developments

Abstract Securities has completed the largest city centre letting in Scotland since the EU referendum.

It has secured consultancy firm Mott MacDonald which is taking 34,500 sq ft at its St Vincent Plaza office development in Glasgow.

Mott MacDonald will occupy the fifth and sixth floors in the 172,000 sq ft building on a 15-year lease. The company is relocating from 1 Atlantic Quay in the summer.

No details were released on the rent but it is believed to be around £24/sq ft, according to Property Week.

The Mott MacDonald deal eclipsed Edrington’s 30,000 sq ft letting at 100 Queen Street in the city in September.

Abstract is understood to be in talks with oil and gas services company Wood Group to take 17,000 sq ft in St Vincent Plaza.

Other tenants include KPMG, Whyte and Mackay and the Registers of Scotland.

CBRE and Ryden advised Abstract. Savills represented Mott MacDonald.

> Telereal Trillium, advised by Savills, has acquired 7 West Nile Street in Glasgow from CBRE Global Investors for £6.5 million.

The six floor building just off Buchanan Street, comprises 32,352 sq ft (3,006 sq m) of mixed use space and generates an annual income of £478,314 with an average unexpired lease term of 9.2 years.

Italian restaurant chain Carluccio’s occupies the ground floor with Capita Property & Infrastructure, Gamma Telecom, Garrad Hassan and ICAS above.

Stuart Orr, director in the investment team at Savills Scotland, said: “7 West Nile Street is a superbly located building; one of those rare buildings where the leisure pitch is just as strong as the office pitch.  Whilst it offers good income, we believe Telereal Trillium can work the asset to improve its value.”

Paul Munday of Telereal Trillium adds: “This acquisition fits in with our wider strategy of purchasing well located real estate with committed tenants, active asset management angles and strong underlying occupational demand.” 

Kenneth Brewster, senior surveyor at Knight Frank, who advised CBRE Global Investors, said: “The sale of 7 West Nile Street is a positive result; not only for CBRE Global Investors, but for Glasgow too.

“It’s encouraging to see investment in the city, despite macro-economic headwinds and uncertainty. With solid demand for mixed-use stock Glasgow, as a whole, continues to offer a relative discount over other regional UK cities.”

 

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