Two prominent office buildings in Glasgow have changed hands for just over £18 mln (€21 mln), in two of the city’s biggest deals so far in 2023.
Dutch investor New Amsterdam Invest N.V. has acquired 2-4 Blythswood Square for £9 mln and Sutherland House on St Vincent Street for a further £9.05 mln. Knight Frank acted for New Amsterdam on the purchase of 2-4 Blythswood Square and for the vendor – BMO/Columbia Threadneedle – on Sutherland House.
Currently the Scottish headquarters of Chivas Brothers, 2-4 Blythswood Square is a Grade B-listed prime office building at one of Glasgow’s most prestigious addresses. It consists of 27,125 ft2 of office space spread over five floors.
Sutherland House is located in Glasgow’s central business district and includes Murphy Wealth, law firm DAC Beachcroft, and recruiter Michael Page among its occupiers. The Grade B-listed building totals 39,378 ft2 of office space over nine storeys and has been extensively refurbished in recent years.
Douglas Binnie, capital markets partner at Knight Frank Glasgow said: ‘The deals for 2-4 Blythswood Square and Sutherland House underline the attractiveness of and value that can be found in Glasgow. With more realistic pricing creeping in, we are beginning to see expectations between buyers and sellers move closer together – there are lots of opportunities in the current market for those looking to invest, particularly if you are a cash buyer.’
