After struggling for a couple of years to find tenants, Tay House at Glasgow's Charing Cross has turned the corner.
Landlord Svenska Handelsbanken, represented by joint agents Richard Ellis and Knight Frank & Rutley, has leased the third floor of the 162,000 sq.ft building to Barclays Bank plc.
Some 30,000 sq.ft (2,787 sq.m) has been acquired and the deal is based on a 20-year lease at an initial rent of #390,625 per annum.
The accommodation will be occupied by Barclays Stockbrokers who were attracted by the building's large, column-free floorplates. The letting follows soon after the 20,000 sq.ft letting to the Royal Bank of Scotland plc.
Craig Ritchie, of joint letting agents Richard Ellis, said: ``Discussions are ongoing with potential occupiers for the remaining two floors which can provide space from 5000 sq.ft up to a total of 40,000 sq ft.''
Barclays Property Holdings advised Barclays Bank plc throughout the negotiations.
Tie Rack has also found new premises. It has relocated to 116 Princes Street in Edinburgh, adjoining Debenhams department store.
The new unit has a frontage of 12ft 6ins, a ground floor net area of 328 sq.ft and basement of 355 sq.ft and was acquired on the basis of a new 25-year lease with five-year rent reviews incorporating mutual break options. A rent free period was granted.
The landlords, GUS Property Management, were advised by Colliers Erdman Lewis and Tie Rack by Chrystal Rooney.
On a back-to-back basis, Tie Rack negotiated the surrender of their existing lease of 134B Princes Street. The surrender will allow the new landlord, ESN, to undertake a refurbishment and integration of their larger premises at 134B & C, along with upper floor accommodation which has lain vacant for many years.
ESN was advised in the transaction by Richard Ellis and Tie Rack by Chrystal Rooney.
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