Glasgow’s Granite House sold in £33m deal

Granite House, located in Glasgow city centre diagonally opposite Marks & Spencer (Argyle Street store) on Stockwell Street, has been sold to Ambassador LB Holdings LLP for in excess of £33 million.

Granite House provides 148,989 sq ft of office accommodation and 33,956 sq ft of retail space. High profile office tenants include Clydesdale Bank, House of Fraser, Ingeus and Utilita Energy and the ground floor retailers include Tesco, Poundland, Specsavers and Shelter.

David Davidson, Partner at Cushman & Wakefield, said: “Granite House has performed extremely well for the current owners who have invested in the property and improved occupancy levels. This sale demonstrates the increasing interest in the Scottish investment market from investors based outside Scotland who see long term value and an attractive pricing discount for similar properties in Birmingham or Manchester.”

Ambassador LB Holdings LLP is a Joint Venture between ICG-Longbow and Ambassador Group, with the purchase of Granite House taking their portfolio to nearly £100m in the last 12 months. Ambassador LB Holdings LLP plan to take forward further asset management opportunities within the building.

Chris Richardson, investment director at Ambassador Group and Ambassador LB Holdings, said: “We are confident that with further investment in Granite House, we can drive rents, increase occupancy levels and look to the longer term further development potential of the building. We are delighted to be working with ICG-Longbow on this opportunity and growing our JV portfolio across Scotland and the UK.”

This transaction follows the recent investment sales of St Vincent Plaza, 122 Waterloo Street (Morgan Stanley), City Park and Capella all within the last 3 months.