Glasgow's 124 St Vincent Street offices set for revamp after deal

A “landmark” office ­building in Glasgow’s Central Business District (CBD) is to undergo a full refurbishment after changing hands.

Shelborn Investments has acquired the property located between the junctions of Hope Street and Renfield Street. Picture: David Queenan Photography.

Shelborn Investments has acquired 124 St Vincent Street, a 39,000 square-foot building between the junctions of Hope Street and Renfield Street, for an undisclosed sum.

It will be redeveloped by Shelborn Asset Management, which has appointed interior designer Claremont to fully refurbish the seven-storey property.

CBRE, which advised Shelborn, has been named joint letting agent along with commercial property agent Ryden in the search for new tenants. Boutique adviser DougraySmith ­represented the vendor.

Andy Cunningham, CBRE senior director, said the deal comes at a time when “high-quality, well-located office accommodation in Glasgow remains in short supply”.

Mark Rabinowitz of Shelborn Asset Management welcomed the addition of the property to its portfolio of UK office developments - and said it was evidence of its “proactive management income growth”.

David Smith of DougraySmith said: “Glasgow’s office market continues to perform extremely well and the appetite amongst investors for office development opportunities in the city’s thriving CBD remains positive. The sale of 124 St Vincent Street therefore represented a major opportunity to secure a prime piece of real estate.”