09 February 2017
Telereal Trillium, advised by Savills, has acquired 7 West Nile Street in Glasgow city from CBRE Global Investors for £6.5m.
A prominent building just off Buchanan Street, the 32,352 sq ft (3,006 sq m) mixed-use building is arranged over ground and five upper floors. It generates an annual income of £478,314 with an average unexpired lease term of 9.2 years. Italian restaurant chain Carluccio’s occupies the ground floor with Capita Property & Infrastructure, Gamma Telecom, Garrad Hassan and ICAS above.
Stuart Orr, director in the investment team at Savills Scotland, comments: “We are particularly pleased to have assisted in the completion of the purchase of 7 West Nile Street. It’s one of those rare buildings where the leisure pitch is just as strong as the office pitch, whilst offering good income with excellent upside potential.”
Paul Munday at Telereal Trillium added: “This acquisition fits in with our wider strategy of purchasing well located real estate with committed tenants, active asset management angles and strong underlying occupational demand.”
Kenneth Brewster, senior surveyor at Knight Frank which advised CBRE Global Investors, said: “The sale of 7 West Nile Street is a positive result; not only for CBRE Global Investors, but for Glasgow too. It’s encouraging to see investment in the city, despite macro-economic headwinds and uncertainty. With solid demand for mixed-use stock Glasgow, as a whole, continues to offer a relative discount over other regional UK cities.”
CBRE Global Investors were advised by Knight Frank.