BDO for Atlantic Sq | Ryden sells units | Cube Glass growth
BDO, the accountancy and business advice firm, is the latest occupier at 2 Atlantic Square in Glasgow’s International Financial Services District.
The lease agreement will see BDO rent half of the building’s fifth floor, amounting to 8,078 sq ft. It becomes the third occupier in the York Street building, following the arrival of independent commercial law firm, Burness Paull, and engineering and project management consultancy, Atkins.
A joint venture between BAM Properties and Taylor Clark 2 Atlantic Square features 96,650 sq ft of sustainably built office accommodation divided across six floors, as well as 7,000 sq ft of ground floor retail and restaurant space.
The £150 million, Grade A Atlantic Square development totals 300,000 sq ft across three separate buildings. Ten-storey 1 Atlantic Square covers 187,000 sq ft and was pre-let to the UK Government as part of the HMRC Hubs program, forward funded by Legal & General Investment Management. It will house more than 2,000 Government employees.
Dougie Peters, BAM Properties’ managing director, said: “Market interest in 2 Atlantic Square remains very high and the quality and strategic location of the building has undoubtedly been instrumental in attracting another high-profile client.”
Martin Gill, head of BDO in Scotland said: “It’s fantastic to be announcing our commitment to Glasgow as we continue to invest in our people and the Scottish market. BDO will continue to create jobs in Scotland over the long-term.
“The way the BDO team blends its digital connectivity and physical space has never been a bigger priority. The space will allow for effective collaboration with each other, clients and colleagues in BDO’s global network.”
Atlantic Square was designed by BAM Design and Cooper Cromer Architects, constructed by BAM Construction Scotland and developed by BAM Properties in joint venture with Taylor Clark.
BAM Properties’ Glasgow portfolio includes 110 Queen Street and Clarion as well as the recent Capital Square development in Edinburgh.
Fergus Maclennan of Cushman and Wakefield represented BDO while BAM TCP was represented by CBRE, JLL and Ryden.
Ryden advises on industrial deals
Ryden has completed the sale of two prime industrial investments currently let to Tesla and UPS in Edinburgh, both transactions achieving ahead of their asking price.
The unit at 23 Cliftonhall Road, Newbridge has been sold to Ribston for approximately £3.125m. The property comprises a standalone former distribution unit and is now operating as a Tesla service centre, store, and supercharger destination.
Ryden first acquired the asset for the client, a private investor, who now has sold it after securing a rental uplift advised by Ryden’s Rates, Rent and Valuation team.
Additionally, following instructions received from Murray Capital, Ryden has completed the sale of 28 South Gyle Crescent in Edinburgh, occupied by UPS, to a private investor for c. £2.55m.
The letting to UPS was also secured by Ryden’s Industrial Agency team in Edinburgh, providing the purchaser with c. six years term of certain income.
New Cube Glass factory
Scottish glass and aluminium specialist Cube Glass has invested more than £600,000 in new premises which doubles its previous capacity and will take the fast-growing business to the next level.
The precision manufacturer has fitted out and moved into an 8,400 sq ft custom-designed factory close to its previous 4,200 sq ft premises in Cumbernauld’s Tannoch Place, which it has now let.
The expansion, which comes on the back of a series of lucrative contract wins, means the innovative company will also be positioned to open a new state-of-the-art showroom next month to highlight its products.
Gary Thorn, Cube Glass founder and managing director, said: “We had originally planned to extend to meet increasing demand, but the opportunity to buy the new premises arose at just the right time.
“It has all been funded from company resources, without any outside investment, and the fit-out – including the showroom, meeting rooms, air-conditioned offices – make the new premises like a brand-new factory.”