Two prominent office buildings in Glasgow have changed hands for just over £18m, in two of the city’s biggest deals so far this year.
New Amsterdam Invest has acquired 2 to 4 Blythswood Square for £9m and Sutherland House on St Vincent Street for a further £9.05m.
Knight Frank acted for the Dutch special purpose acquisition company on the purchase of the Blythswood Square property, and for the vendor - BMO/Columbia Threadneedle - on Sutherland House.
Currently the Scottish headquarters of Chivas Brothers, 2 to 4 Blythswood Square is a Grade B-listed office which consists of 27,125 sq ft of space spread over five floors.
Sutherland House is located in Glasgow’s central business district and includes Murphy Wealth, law firm DAC Beachcroft and recruiter Michael Page among its occupiers. The Grade B-listed building totals 39,378 sq ft of office space over nine storeys and has been refurbished in recent years.
Douglas Binnie, capital markets partner at Knight Frank Glasgow, said: “With more realistic pricing creeping in, we are beginning to see expectations between buyers and sellers move closer together – there are lots of opportunities in the current market for those looking to invest, particularly if you are a cash buyer.
“The economic backdrop has undoubtedly been tough for investors, with rising interest rates and, therefore, the increasing cost of debt.
“But, with a lot of good stock currently on the market in Glasgow and these two deals concluding, we hope to see more follow in the city over the coming months.”
Separately, surveying, engineering and architecture practice Gateley Smithers Purslow (GSP) has expanded its presence in Scotland with a new Glasgow office and two appointments.
The new office is based within Pure Offices on Hillington Park and will be used by the team to service the whole of Scotland.
The Glasgow team is led by technical director Kenny McInally, who joined in 2021 with a background in commercial building surveying and experience within the insurance sector.
McInally was brought in to head up and increase GSP’s presence in Scotland and has since made two additional appointments to support this growth strategy.
Beke Tshabalala has joined the team as a graduate building surveyor and is working towards becoming a chartered building surveyor.
Matthew McDowell has been appointed as a placement building surveyor. He is currently studying for a surveying engineering degree and attends Glasgow Caledonian University one day a week, in addition to his role at GSP.
McInally commented: “Since I have joined, the company has continued to rapidly increase its workload across Scotland - as a result, it was important to establish a new Glasgow office base and increase our headcount to service the whole country.
“Due to the nature of our work and our strong position in the insurance world, Beke and Matthew will gain valuable experience across a variety of commercial property and insurance matters, ensuring that our team will be well equipped to service all of our clients’ needs.”
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