By Kristy Dorsey
A prominent building in the heart of Glasgow’s International Financial Services District has been sold in one of the biggest office deals outside of London since the start of the Covid-19 pandemic.
150 Broomielaw, the home of Scottish Enterprise by the side of the Clyde, has been purchased by Singapore-based Elite Partners Capital for circa £40 million. Previously owned by a Jersey Trust, the building was developed in 2001 and offers 96,759sq ft of Grade A office space over eight storeys.
The sellers were advised by Knight Frank, while Colliers acted for Elite Partners Capital, which intends to add the building to its UK Commercial Fund III portfolio.
READ MORE: Commercial property sales hit by ‘steeper and more rapid’ fall than 2009
“The deal for 150 Broomielaw demonstrates the resilience of the commercial property market in Scotland – despite the wider economic uncertainty caused by the Covid-19 pandemic,” Knight Frank’s John Rase said.
“Glasgow’s fundamentals remain strong, with favourable supply-demand dynamics. The transaction also shows that international buyers are still actively looking at Scotland for the right type of product and we are confident that more deals can conclude this year, where expectations can be aligned.”
Patrick Ford of Colliers Scotland added: “Overseas capital continues to be the main driver in Scotland’s commercial property market – that looks likely to remain the case for the rest of 2020, and looking into 2021. The 150 Broomielaw deal shows that the market is beginning to emerge from lockdown in good shape.”
A recent analysis of the latest figures on commercial property transactions in Scotland shows that the total value of sales from April to June fell by more than half compared to the same period a year earlier. Glasgow was hit particularly hard, with sales 86 per cent lower at £24m.
READ MORE: Landmark Guildhall office building in Queen Street in Glasgow bought for £30m by Maya Capital
There have been more recent signs of an upturn in activity, such as the £30m sale of the Guildhall office building in Glasgow’s Queen Street announced earlier this week.
Victor Song, chief executive of Elite Partners, said the investment group was “delighted” to secure 150 Broomielaw: “Despite the Covid-19 pandemic, the UK continues to offer property investment opportunities with promising potential returns,” he added.
“150 Broomielaw is the latest significant addition to Elite’s existing portfolio of commercial and logistics assets. We continue to appraise similar opportunities for our investors, as we grow our assets under management in the UK.”
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