Latest swoop on Scottish assets
Korean investors buy historic bank HQ in £48.4m deal
Former bank headquarters in Glasgow
Korean investors have again swooped on prime Scottish commercial property, snapping up one of Glasgow’s most recognised office buildings.
The unnamed clients have acquired the former Bank of Scotland Glasgow head office at 110 St Vincent Street for £48.4 million. With support from Savills, the sale was made to clients of Knight Frank Investment Management, advised by Knight Frank.
The building was designed by renowned architect James Miller and opened in 1927 as the new head office for The Union Bank of Scotland. Following a merger with the Bank of Scotland in 1955, it became the bank’s chief office in Glasgow.
More recently the building was comprehensively refurbished to provide 96,751 sq ft of modern Grade A office accommodation whilst retaining the original listed façade and magnificent banking hall.
Duncan Miller, director at Savills Investment Management, said: “The sale of 110 St Vincent Street demonstrates the ongoing appeal Glasgow’s property market, and caps a successful asset management programme during which we added significant value through extending Bank of Scotland’s lease.
Alex Braithwaite, senior investment manager at KFIM, commented: “110 St Vincent Street is a prime asset that offers both longevity of income and strong performance potential. KFIM now manages ten assets on behalf of a broad range of South Korean investors and, notwithstanding the challenges of Brexit, this transaction clearly demonstrates continued confidence in the UK market. We continue to seek assets with strong income fundamentals in both the UK and Continental Europe.”
Other recent deals in Scotland involving Korean investors: