A Glasgow city centre office block that is occupied by ScotRail and Scottish Enterprise has been sold for £10.5 million to a joint venture between Longstock Capital and Time Equities.
The property at 50 Waterloo Street was constructed at the turn of he 20th century as a Post Office and Parcels Office.
Spanning 104,015 sq ft, the building generates a passing rent of £1.5 million per annum. The net initial yield is 10.87%.
Both tenants have expressed interest in extending or renegotiating their leases. Longstock and Time Equities plan to refurbish the property.
Sheridan Keane advised Longstock on the transaction.
Lochside full
Knight Property Group has completed the final letting at its flagship office building, 4-5 Lochside Avenue in Edinburgh Park, achieving full occupancy.
Anchorpoint Interiors, a corporate and commercial workplace designer and builder, has agreed terms for a first-floor suite. The company joins Pulsant, Lumacron Technology and SP Transmission.
Knight Property Group invested in the comprehensive redevelopment of the 42,519 sq ft three-
storey pavilion-style building,
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