Strong demand for an office building in one of Glasgow’s most affluent suburbs has resulted in the site selling for more than £2.2 million within weeks of hitting the market.
Property experts said demand for well-let investment opportunities remained strong as it emerged that Canniesburn Gate in Bearsden had changed hands at almost 40 per cent over the asking price.
Originally seeking offers in excess of £1.6m, the property was sold to private investor Laurel Properties for £2.23m – reflecting a net initial yield of just over 8.7 per cent.
Extending to 13,469 square feet, the building is fully let to funeral plan provider Golden Charter, which occupies the site as the head office for its UK operations.
Michael Facenna, associate in the business space department at Avison Young in Glasgow, acted on behalf of the vendor, The Golden Charter Trust.
He said: “The high level of interest in Canniesburn Gate underlines the long-term investment and potential redevelopment opportunity for this single-let office in one of Glasgow’s most popular suburbs.
“In a wider context, and against the current economic and political backdrop, the sale also reflects the fact there is still strong demand for well-let, secure investment opportunities.”
The office is on the site of the former Canniesburn Hospital.