Landmark Buildings Sell in Biggest Deals of 2023

A number of prominent buildings have recently sold in Glasgow for a combined £27.7 million. The deals are the biggest of 2023 and demonstrate the resilience of Glasgow’s commercial real estate sector. 

New Amsterdam Invest N.V. acquired 2-4 Blythswood Square for £9 million and Sutherland House on St Vincent Street for a further £9.05 million.

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 sq. ft. of office space spread over five floors.

Sutherland House in Glasgow’s central business district is a Grade B-listed building totalling 39,378 sq. ft. of office space over nine storeys and has been extensively refurbished in recent years.

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.

The economic backdrop has undoubtedly been tough for investors, with rising interest rates and, therefore, the increasing cost of debt. But, with a lot of good stock currently on the market in Glasgow and these two deals concluding, we hope to see more follow in the city over the coming months.

Douglas Binnie, capital markets partner at Knight Frank Glasgow

(Knight Frank acted for New Amsterdam Invest N.V. on the purchase of 2-4 Blythswood Square and for the vendor – BMO/Columbia Threadneedle – on Sutherland House.)

Real estate advisor CBRE has also finalised the off-market sale of Glasgow’s historic Forsyth Building on behalf of Ambassador Group. A London-based private investor, represented by Landswood De Coy, secured the property for £9.7 million.

Positioned at the intersection of Gordon Street and Renfield Street in central Glasgow, the Forsyth Building comprises a landmark Grade-B listed, mixed-use office and retail/leisure building.

We’re delighted to be able to complete our asset management plan and sell this iconic piece of Glasgow architecture, which is now a thriving mixed-use building, to a buyer who we believe has the same passion for the asset and for Glasgow as we did.

We undertook a significant refurbishment of the building during our ownership and worked hard to deliver a sustainable and accessible building with great tenants.

Chris Richardson, managing director of Ambassador Investments

Source: Scottish Financial News (https://www.scottishfinancialnews.com/articles/double-deal-boost-for-glasgow-office-market & 
https://www.scottishfinancialnews.com/articles/private-london-investor-acquires-glasgows-iconic-forsyth-building-for-ps97m)