Clearbell, the private real estate fund manager, has announced the sale of its 50 per cent interest in 1 West Regent Street, a Grade A building located in Glasgow city centre, to M&G Real Estate.
1 West Regent Street comprises 143,000ft² of Grade A office over ten floors and three retail units on the ground floor.
A fund managed by Clearbell acquired 1 West Regent Street in 2012 in a joint venture with M&G to speculatively develop Grade A office space in Glasgow’s city centre, seeking to address the shortage of centrally located, modern Grade A offices.
Completed on time in April 2015, Clearbell, acting in its role as development manager, delivered a new Grade A building which has set new standards for Glasgow with its virtually column free floor plates, the quality of the building facilities and its energy efficiency having achieved an EPC A rating.
1 West Regent Street is currently 73 per cent let with a WAULT to first break of over 13 years, having attracted high calibre tenants such as Weir Group PLC, CMS, Arup, FDM Group, Global, Shepherd and Wedderburn and Giraffe.
Manish Chande, senior partner at Clearbell, said:
“We recognised the need for better quality office space for businesses in Glasgow and for institutional investors seeking long dated income. The development at 1 West Regent Street was intended to address this need. We have ensured the building has excellent sustainability and design credentials to attract a high calibre of organisation.
“Since finishing the development we have secured a number of high calibre tenants, highlighting the quality of the building design and accessible location. By capitalising on the demand for office space outside of London, we have achieved a significant return on our initial investment.”
Hugo Henkes, director, Investment at M&G Real Estate, added:
“We are pleased to have completed the acquisition of Clearbell’s 50 per cent interest. The scheme has enjoyed enormous success and attracted a range of tenants providing secure income – a clear reflection of the quality of the building and its prime location. Interest in the remaining space is strong and we expect to secure additional occupiers in the near future.”
Bilfinger GVA and JLL are letting agents for the office development with CBRE and Culverwell marketing the ground floor retail units.