Historic Glasgow sandstone building comes back to life after £2.5m refurb

Commercial property developer Highbridge Estates has completed the refurbishment of an historic Glasgow building following a £2.5 million refinancing package.

The firm used the loan funding from Cynergy Ban to revamp 24 St Vincent Place, a mixed-use commercial building in the city centre. Following the financing, work has brought one of the oldest red sandstone buildings in Glasgow back to the forefront of the central Glasgow office market, bosses said. They added that the quality of the refurbishment would help Highbridge retain strong tenants in a “competitive” office market.

Property consultancy JLL recently reported 60,000 square feet of office take up in the first quarter in Glasgow, accompanied by a further 35,000 sq ft of lease renewals. Despite no Grade-A deals completing and only two deals over 5,000 sq ft progressing, the firm said the outlook for the rest of 2023 was “promising” as occupiers start to commit to long-term re-occupation plans.

Sebastian Wilson, asset manager, Highbridge Estates, said: “Our experience with Cynergy Bank has shown that their team are very easy to deal with, commercial in all their decisions and listened to our needs during the financing process. We very much look forward to growing our relationship with Cynergy Bank over the coming years.”

Highbridge Estates has completed the refurbishment of 24 St Vincent Place, a mixed-use commercial building in central Glasgow, following a £2.5m refinancing loan from Cynergy Bank.

Kenny Stewart, director, Cynergy Bank, added: “We’re delighted to have been able to assist the team at Highbridge Estates with the refinance of this property in the heart of Glasgow’s city centre. This was our first transaction with Highbridge Estates, and we look forward to working together and developing the relationship in due course.”