Historic Glasgow tobacco factory housing vast business centre sold

A former tobacco factory in Glasgow that has since been converted into a vast business centre has a new owner.

MCR Property Group said it had successfully completed the acquisition of CityPark Glasgow, a landmark building that provides 300,000 square feet of space for “business, creativity and leisure”, for an undisclosed sum. The deal follows MCR’s acquisition of The Pentagon Centre in Glasgow.

CityPark Glasgow, located on Alexandra Parade, has several long-standing tenants, including Dell, Teleperformance and Sky. MCR noted that the site had “excellent” transport links and more than 500 parking spaces, a café, break out spaces, a nursery, gym and leisure areas.

MCR Property Group has completed the acquisition of CityPark Glasgow, an iconic former tobacco factory on Alexandra Parade that has since been converted into a vast centre for business, creativity and leisure.

Nick Lake, asset director at MCR Property Group, said: “This is a fantastic acquisition for the group that adds weight to our growing portfolio and significantly strengthens our presence in Scotland.

“CityPark is an important landmark building and is considered a premium office destination for Glasgow, offering flexibility and first-class facilities for companies seeking desirable workspaces in a highly connected location. We are already working on space planning to ensure the development meets its full potential, creating an office environment that drives productivity and attracts forward-thinking and innovative companies.”

He added: “Our group vision includes a focus on the modern-day working environment, understanding this shifting landscape and creating aspirational work spaces, with further plans to develop and acquire new sites across the UK.”

Founded in 1989 by Aneel Mussarat, MCR Property Group specialises in investment, development and asset management across the commercial, residential, industrial and student accommodation sectors. It has successfully delivered mid to large-scale projects, achieving in excess of £5 billion in sales transactions to date.

A recent report suggested that 2025 would be a “year of opportunity” for Scotland’s commercial property market with a number of significant deals in the pipeline.

The upbeat outlook came after figures showed that the final quarter of 2024 saw £406 million of investment transactions traded, up 6 per cent on the same period a year earlier. A number of deals were due to complete in the opening months of 2025, including a couple of significant transactions, according to the latest research from Lismore Real Estate Advisors.