'Strategically positioned' Glasgow office block changes hands in £5 million-plus deal
An office building in the heart of Glasgow has changed hands in a seven-figure, off-market deal.
The building, at 84-94 St Vincent Street, is home to a wide range of occupiers including Pizza Punks on the ground floor, and Interstate Hotels, Crawford & Co and Visit Scotland on the upper floors.
Property advisor CBRE said it had completed the off-market sale of the building, which comprises 42,343 square feet of office and retail space over basement, ground and seven upper floors, on behalf of Patrizia for “in excess of” £5.5 million. It has been purchased by a private investor.
Property experts noted the category A-listed building was “strategically positioned” within the city’s Central Business District, occupying a “highly prominent location” on the north side of St Vincent Street between its junctions with Renfield Street and West Nile Street.
Martyn Brown, a director at CBRE, said: “We can confirm that we have successfully sold 84-94 St Vincent Street in Glasgow on behalf of our client Patrizia. It is a well-known building located in the heart of the city centre, with a range of value-add management opportunities.
“Despite the wider economic effects of the pandemic we are seeing strong interest for quality investment opportunities from a range of buyers and expect this to continue as office workers return to the workplace.”
CBRE acted for the vendor Patrizia in the transaction and fellow property firm JLL represented the purchaser.
The wider CBRE Group is headquartered in the US and has more than 100,000 employees serving clients in some 100 countries.
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