New investment proves Glasgow office market is healthy.
Commercial property in Glasgow is riding the crest of a wave for both investment and design as the city seeks to reassert itself as Scotland’s office capital.
Office properties in Glasgow have been given a significant boost last week in two different fields.
The SkyPark office site in Scotland’s second city has sold for £54 million whilst elsewhere three places including office buildings have been shortlisted for a prestigious architecture award.
Located in the west of Glasgow’s city centre, the SkyPark office site has been sold to a joint-venture Moorfield and Resonance Capital. The 552,774 square foot office was sold by Kenmore Property Group and Paradigm Real Estate Managers for some £16 million less than its judged market value.
Lloyd’s Property Group withdrew from their 50% stake in the building following the collapse of the HBOS-funded Kenmore Property Group last year. The purchase of the office property by Moorfield and Resonance represents their first foray into the Scottish office market.
Tenants include the communications firm 02, who have a fifteen year lease on 110,000 square foot of the property. Plans were discussed to expand SkPark offices by another 300,000 square feet but these were postponed after the collapse of Kenmore.
Elsewhere in Glasgow, a £25,000 prize could be claimed by one of three Glaswegian sites following the decision to list the buildings for the prestigious Andrew Doolan Best Building in Scotland award. The winner will receive the cheque from the Royal Incorporation of Architects in Scotland.
The offices of the Shettleston Housing Association are in the running for the prize alongside the West Centre and Briggait Redevelopment building. Leasers are hoping that the publicity created will encourage more businesses to take up office space in the city.
The winners will be announced on 19 November in the Scottish Parliament.