Commercial property: High quality options on St Vincent Street

Getting the right balance for refurbished buildings in a city environment is key to the success of an urban project.

Companies will look for energy efficiency, good local amenities and, increasingly, extra facilities which promote wellbeing to help attract and retain staff.

Praxis has completed its refurbishment of 310 St Vincent Street in Glasgow and its latest tenant is Cisco Systems, the global IT and networking firm, which will move into the city centre from its current base at Eurocentral in North Lanarkshire.

Taking the 5,300sq ft sixth floor, the move reflects the growing popularity of the location at the west end of St Vincent Street and validates the investors’ decision to commit to a comprehensive refurbishment of the building.

The £5.6 million project included the creation of sky garden terraces on levels five to seven, a significant upgrade to the reception, which is now a double-height light-filled space, and the delivery of a range of facilities focused on the wellbeing of its occupiers.

The building’s unusual floor shape lends itself well to creating contemporary interior spaces and the upper floors have panoramic views, abundant natural light and the bonus of outside terraces.

The renovation focused on sustainability and, as a result, helped the building achieve an EPC rating of B, while the quality of the refurbishment saw it shortlisted in the Refurbished/Recycled Workplace category at the 2019 British Council for Offices Scottish Awards.

Food and drink outlet, Coffee Republic, has acquired the 2,000sq ft retail space on the ground floor of the building.

These occupiers join Lawrie IP, the independent patent and trademark firm, and tech company OnScale in taking space at 310 St Vincent Street.

Richard Harrison, senior asset manager at Praxis, comments: “We’re really building some momentum with our leasing campaign now, and already have strong interest in the remaining space.

“Despite the political headwinds, we’re expectant that we’ll be at – or near to – full occupancy by year end.”

Sarah Hagen, office agency associate at property firm Knight Frank, which advised on the transaction, adds: “After a year of record take-up in the Glasgow office market during 2018, it’s been very challenging for occupiers to find space that matches their corporate identity.

“That is particularly true for organisations looking for high-quality space but at a reasonable price point – 310 St Vincent Street really hits the mark.

“The configuration of the building also provides huge flexibility when it comes to the size of requirements, catering for enquiries of 3,500sq ft and up.

“This leaves it very well placed in a rapidly-changing part of Glasgow’s city centre.”

Knight Frank represented Praxis, while JLL acted on behalf of Cisco.