Major deals secured for Glasgow office sector

Engineering and management consultancy Mott MacDonald has signed one of the largest commercial property deals struck in Scotland since the EU referendum.

Mott MacDonald is taking two floors at Glasgow's St Vincent Plaza office scheme. Picture: Contributed

The company is relocating its Glasgow offices to the St Vincent Plaza office scheme developed by Abstract in the city centre.

Mott MacDonald is taking the whole fifth and sixth floors of the building on a 15-year lease and its 400 staff in Glasgow are expected to move from their current Atlantic Quay offices in the summer.

The consultancy will join tenants including KPMG, Whyte and Mackay and the Registers of Scotland in the speculative Grade A development, which has 12 floors.

Mott MacDonald’s Andrew Oldfield said: “Moving to St Vincent Plaza will provide a modern working environment for our staff and support our growth for years to come.”

The consultancy has been based in Glasgow for more than 70 years and is involved in projects across sectors including environment, power, water and transport, as well as buildings and infrastructure. Clients include Transport Scotland, Glasgow City Council and Scottish Water.

It has worked on some of the city’s most recognised infrastructure, including the Clyde Tunnel, Prestwick Airport and Strathclyde Light Rail and also supported the successful delivery of the Glasgow Commonwealth Games in 2014.

200 Voices: find out more about the people who have shaped Scotland

Mark Glatman, chief executive of Abstract, said: “We have experienced a significant uplift in occupier interest in recent weeks and with no ­other new development taking place in the city in the foreseeable future, Grade A options for businesses looking to move within Glasgow are extremely limited. I don’t doubt that we will make further announcements soon.”

Savills represented Mott MacDonald in the deal.

Meanwhile, in another Glasgow city centre property deal, investor Telereal Trillium, also advised by Savills, has acquired 7 West Nile Street in Glasgow city from CBRE Global Investors for £6.5 million.

The 32,352 sq ft mixed-use building generates an annual income of £478,314. Italian restaurant chain Carluccio’s occupies the ground floor with Capita Property & Infrastructure, Gamma Telecom, Garrad Hassan and accountancy body Icas above.

Stuart Orr, director in the investment team at Savills Scotland, said it was “superby located and one of those rare buildings where the leisure pitch is just as strong as the office pitch”.

Click here to ‘Like’ The Scotsman Business on Facebook