Purchase of central Glasgow office block

The Spectrum Building is a recently refurbished modern office building at the junction of Blythswood St and Waterloo St in a rapidly improving part of the Central Business District of Glasgow.

The building has 65,000 sq ft of offices, and 7,000 sq ft of retail accommodation at ground floor level. The building is fully let on a variety of leases, at office rents in the range £18 to £18.50 per sq ft, most with rent reviews later in 2007. The investment was purchased to show an initial yield of 5%, and has excellent reversionary prospects.

Chris Bartram of Orchard Street said:

“the Spectrum Building is a good example of the kind of interesting office investment that we are seeking in most of the major regional office markets. It complements the existing portfolio of our major pension fund client, for which we have a further £200m available for investment”.

Keneth Peters advised Orchard Street, and Drivers Jonas acted for the vendor.