Central Exchange, an office building at the corner of Waterloo Street and Wellington Street, Glasgow, has changed hands in a deal worth about £22 million.
Clydebuilt II Limited Partnership, a joint venture between Scottish property company Ediston
and Strathclyde Pension Fund, has acquired the nine-storey building from BNP Paribas Real Estate Investment Management.
Spanning 95,174 sq ft and offering 33 car parking spaces, it is let to Hymans Robertson, Ashurst, Associated Newspapers and Aberdein Considine.
The building, developed in 2003, is regarded as a city centre landmark and has even featured on a Clydesdale Bank £20 note during its time as the bank’s Glasgow headquarters.
The acquisition follows CLP II’s purchase of Sentinel, an 84,095 sq ft multi-let office, also in Waterloo Street, which completed in August. The two deals are said to highlight the growing appeal of well-located, quality offices in Glasgow’s core market.
Calum Bruce, fund manager at CLP II said: “Central Exchange provides the Fund with both a robust income stream and an excellent repositioning opportunity in a supply constrained market.
“The prime location in Glasgow’s central business district merits a high-quality office refurbishment, which we will deliver to meet the needs of modern occupiers.
“The acquisition complements our purchase of Sentinel and underscores our confidence in Glasgow’s office market.”
Stuart Low, investment partner at Ryden, added: “The asset aligns seamlessly with CLP II’s strategy of well-located, value-add office investments.
“Ediston continues to strengthen its presence in Glasgow’s office market, a sector Ryden expects to go from strength to strength.”
Ryden acted on behalf of Clydebuilt II. CBRE and Acre Capital acted for the vendor.
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