The new owners of a high-profile city centre property have announced plans to double its floorspace to take advantage of the imbalance between supply and demand for Grade A office accommodation in Glasgow.

Clearbell Property Partners IV LP, a new fund managed by Clearbell Capital, has acquired 150 St. Vincent Street from a fund managed by PineBridge Benson Elliot. The office building, which sits in easy reach of both Queen Street and Central train stations, comprises 69,000sq ft across eight stories and is currently fully let.

It is the first acquisition by the new Clearbell fund, which plans to double the size of the existing building to 152,000sq ft by seeking planning permission for the extension of the floor plates and addition of four stories.

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There are also plans to refurbish the building to high sustainability credentials, with the possibility of creating Glasgow’s first operationally carbon neutral office building and Glasgow’s first BREAAM Outstanding office. 

“As we have seen since the end of lockdown, quality workspace in the right areas continues to attract tenants and to generate good rental income," Clearbell partner Nick Berry said. "Glasgow has long been a centre for business and is bouncing back from the impact of the pandemic.

“As well as improved office space that allows collaboration and connection, tenants are demanding strong ESG credentials too. With the renewed impetus of COP26, pressure on landlords is ramping up to deliver greener buildings than ever before.

"We are seeking to create one of Glasgow’s most sustainable office space and to create a workplace for the occupiers of the future.”