Monteith House, Glasgow
Monteith House - SOLD
Graham + Sibbald’s Investment Department has secured the sale of the multi-let office building known as Monteith House located in Glasgow’s George Square on behalf of Alliance Trust Real Estate Partners.
Monteith House, George Square, Glasgow
Monteith House is a Grade B Listed office building arranged over basement and 7 upper floors extending to 27,000 sqft. The building is 100% let and occupied by a range of tenants including government organisations and national covenants with a WAULT of 5 years.
Sandy Gilmour, Head of Investment at Graham + Sibbald and who acted for Alliance Trust says:
“We knew from our initial inspection and knowledge of the local market that Monteith House would offer an extremely attractive investment proposition to a wide variety of Scottish based REIT’s/Funds, plus National and International Property Companies and some privates.
George Square re-emerged as a core business location following HF Developments - G1 Building; Redevco’s refurbishment of George House; and both are now complemented and enhanced by BAM’s development of 110 Queen Street. These buildings provide large high quality floor plates within highly accessible and desirable city centre location.
Monteith House offers smaller floor plates in 100% prime location with asset management angles to add value. The sale was brought to conclusion via closing date with 6 bids above the asking price being submitting resulting in the sale to DRUM REIT at £5,750,000, reflecting a Net Initial Yield of 7.63%.
We are delighted with the outcome and a sale being concluded at 14% above the asking price.”