Glasgow’s multi-let building George House has been sold for £10.65 million to London investment firm Longstock Capital and developer TIME Equities.
George House is a 1970’s multi-let building, arranged over ground and five upper floors, which is currently occupied by Rathbones, Network Rail, Mitchells Roberton, Anderson Strathern and The Alchemist.
Lismore Real Estate advised Dublin-based Ardstone Capital, on behalf of the Ardstone Regional Office Fund, a joint venture with CBRE Investment Management, on the sale of the property.
Simon Cusiter, director of Lismore Real Estate Advisors said: “This landmark city centre office investment offered purchasers an attractive combination of secure income, underpinned by high-quality tenant covenants, and the opportunity to create value over time.
“It’s prominence within Glasgow’s core, the inherent flexibility of the building and the medium term redevelopment opportunity presented an attractive profile.”
George House has a total floor area of 99,740 sq ft with 31 car parking spaces.
It comprises 91,008 sq ft of offices, plus 8,127 sq ft of leisure accommodation, all arranged around a private central courtyard. Currently 40,000 sq ft is vacant.
