One of Glasgow’s biggest office towers sold in a £20m deal
01 October 2021
Represented by Ryden and Knight Frank, UK value-add real estate investor Praxis has sold a 70,000 sq ft multi-let office building in Glasgow city centre to Eagle Street Partners for £20m (€23.4m), doubling the amount invested in the building in 2015.
Praxis acquired the office building and undertook a Grade A refurbishment of the building after securing vacant possession with an emphasis on sustainability. It is now let to tenants such as Cisco, Wescot Credit Services and solicitors Lawrie IP.
James Hewitt, head of asset management at Praxis, said the sale of 310 St Vincent Street caps £100m worth of profitable exits for the group since the onset of the COVID pandemic, all ahead of business plan.
"The conclusion of our 310 St Vincent journey is particularly gratifying because it demonstrates that older properties can be rehabilitated, with technology retrofitted to substantially reduce energy consumption and operational carbon, while still delivering highly attractive returns.
"It is a misnomer that older generation office buildings are destined to become obsolete and institutionally un-investable, and in the right hands they can be repurposed economically to meet the most stringent environmental criteria, while also satisfying the most demanding occupier needs and wants."
Ian Dougherty, Investment Partner at Ryden, added:
"The sale is testament to the high quality office accommodation provided following our client’s refurbishment of the building together with the profile 310 St Vincent Street enjoys in the local market. Glasgow’s office market is delivering strong growth stories like this regularly, with repositioned buildings driving the market forward."
