Exclusive: big property transaction
DougraySmith steers sale of Glasgow bank offices
Property agent DougraySmith, acting for Camlin, has sold the Clydesdale Bank offices in one of Glasgow’s emerging commercial hotspots.
The buyer of 51 West George St, opposite Queen St rail station, is Ediston Real Estate on behalf of Clydebuilt Limited Partnership. The price was undisclosed.
The 51,200 sq ft building is let to the bank until September 2027 with a current passing rent of £687,546 per annum.
David Smith, a director at Dougray Smith, said: “We were pleased to sell this asset after a short period of targeted investor marketing and the minimum amount of fuss.
“The surrounding area is the subject of significant development led activity.
“The Glasgow market has seen a significant amount of recent activity and we anticipate rental growth moving forward.”
This transaction follows from DougraySmith’s sale of Pacific House in Wellington St, Glasgow.
Graham Lind, of Ediston Real Estate, said: “51 West George Street is an investment benefiting from a secure income stream in a key city centre location.
“The property is located in an area soon to be enhanced by multiple development and regeneration initiatives, not least the ongoing £120m Glasgow Queen Street Station redevelopment.
“The purchase is a continuation of the Partnership’s acquisition mandate and complements the multi-tenanted investments currently under management.”