Shelborn acquires 124 St Vincent Street office block
124 St Vincent Street: refurbishment
Shelborn Investments has acquired 124 St Vincent Street, a seven-storey office building in the heart of Glasgow’s central business district.
It extends to 38,750 sq ft over ground and the buyer has appointed Claremont to design and construct a full refurbishment of the building which it hopes to complete towards the end of this year.
CBRE, which advised Shelborn, and Ryden have been appointed as joint letting agents to secure new occupiers. Boutique property adviser DougraySmith represented the vendor.
Andy Cunningham, senior director at CBRE, commented: “Shelborn Asset Management was keen to extend its portfolio by acquiring an office development opportunity in Glasgow city centre and I’m delighted to have helped them achieve this by securing 124 St Vincent Street – especially at a time when the supply of high quality, well-located office accommodation in Glasgow remains in short supply.”
Mark Rabinowitz of Shelborn Asset Management, added: “We are delighted to have extended our portfolio of UK office developments with this high quality asset.
It is further testament to our commitment to enhancing the value of our clients’ investments through proactive management income growth. We are grateful to CBRE for introducing this asset to us and for their assistance in progressing the acquisition through to completion.”
David Smith, of DougraySmith, said: “Glasgow’s office market continues to perform extremely well and the appetite amongst investors for office development opportunities in the city’s thriving CBD remains positive.”