Atlantic Quay office sites sold for £60.7m

A TRIO of office buildings in Glasgow city centre has been sold to property investor Moorfield for £60.7 million.

The Atlantic Quay site covers a prime spot on the Clyde. Picture: Contributed

The premises at Atlantic Quay by the River Clyde were bought from M&G Real Estate by Moorfield Real Estate Fund III, which in the past two years has also acquired the Quartermile development in Edinburgh and Aberdeen Energy & Innovation Parks.

The newly-purchased offices currently generate a rent roll of £5.5m from various tenants, with the sale price reflecting an initial yield of 8.54 per cent. Known as Buildings 1, 2 and 3 Atlantic Quay, they comprise 280,000 square feet of Grade A office space.

Moorfield chief executive Marc Gilbard said: “Atlantic Quay provides us with a significant city centre office complex at the heart of Glasgow’s international financial services district. The modern buildings offer a range of refurbishment, improvement and re-letting opportunities that we will work on together with our joint venture partner, Resonance Capital.”

Angela Higgins of Glasgow-based Resonance Capital said the firm is due to move on to the site “in a matter of weeks”.

She added: “The evolution of Atlantic Quay is now under way and we aim to realise the complex’s full potential as a destination waterfront location.”

Last year Moorfield paid £35.45m to buy Aberdeen Energy & Innovation Parks from Buccleuch Property and Scottish Enterprise, having acquired the 19-acre Quartermile regeneration site in 2013.