A major building housing shops and offices in the centre of Glasgow has changed hands in one of the biggest deals of its type in the city this year.
The building at 50 Bothwell Street, which encompasses 77,000 square feet of office space over six floors and 12,300 sq ft of retail space across three ground-floor units, is being acquired by Fore Partnership, described as a “pan-European real estate investment club for family offices and private investors”, with joint venture partner, Kier Property. The deal is valued at just under £23.3 million.
Glasgow remains fundamentally short in supply of quality office spaceBasil Demeroutis, Fore
The office space is let until December 2017 to Standard Life Investments, and is said to be “in need of some refurbishment”, while the retail space is let to Marks & Spencer as a Simply Food store, Superdrug and Costa Coffee.
It marks the second office building in Glasgow to be acquired by Fore Partnership in the last few months. In July, the company acquired the development site New Exchange, at the corner of Cadogan and West Campbell streets, with planning consent for a 95,000 sq ft scheme.
Basil Demeroutis, managing Partner of Fore, said: “We are delighted to have made our second acquisition in Glasgow. We believe in the long-term strength of this market, one of the largest and deepest in the UK.
“In spite of recent volatility, Glasgow remains fundamentally short in supply of quality office space, and is particularly lacking in buildings with sustainable credentials.”