One of Glasgow’s prominent office buildings, the 10-storey Sentinel, has been sold in a £19.6 million deal that underscores growing confidence in the city’s property investment market.
Located at the corner of Waterloo Street and Douglas Street, the Grade A building provides 84,095 sq ft of work space and 26 basement car parking spaces.
Lismore Real Estate Advisors advised Ardstone Capital investment managers on behalf of the Ardstone Regional Office Fund a joint venture with CBRE IM on the sale to Clydebuilt II Limited Partnership (CLP II). This is a joint venture between Scottish property company Ediston and Strathclyde Pension Fund.
The building has undergone comprehensive refurbishment, with the most recent works completed in 2022.
Occupiers include Aggreko, Chubb, DWF, JLL and Sedgewick International.
Simon Cusiter, director of Lismore said: “The sale of Sentinel represents one of the most notable office investment transactions in Glasgow city centre this year, reinforcing investor appetite for prime, income-producing assets in Scotland’s largest city.
“Ardstone Capital repositioned the building, helping attract high quality tenants and providing a platform for future performance.
“The quality of the building was highlighted by the competitive nature of the sale process.”
Calum Bruce, fund manager at CLP II, said: “Sentinel provides Clydebuilt with an attractive income stream which can be further improved through active asset management and the letting of the vacant floors.
“In a market with a limited supply of high-quality office accommodation, Sentinel is an attractive opportunity for tenants looking for new premises, with good interest already being shown by prospective occupiers.”
Lismore Real Estate Advisors represented Ardstone Regional Office Fund.
Cadworks letting
Cadworks, the 100,000 sq ft office space in the Glasgow’s International Financial Services District, has signed up Barnett Waddingham as its latest tenant.
The professional services firm will relocate to Cadogan Street from its current Glasgow base on West George Street.
It will occupy 10,114 sq ft on the seventh floor on a 15-year lease. Current tenants include OVO, RBS Brewin Dolphin, SThree and Savills.
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