Picton Capital completes £14.2m Glasgow office building deal

Property investment firm Picton Capital has bought 180 West George Street in Glasgow, which counts TSB Bank, Standard Life and Michael Page among its tenents, for £14.25 million.

The 52,100 sq ft office building property, which was build in 2000, comprises basement, ground and six upper floors and is fully let, generating net rental annual income of £1.18 million, equivalent to an average rent of under £23 per sq ft.

The building had been marketed as inviting offers “in excess of £15 million”.

The seller details have not been disclosed.

Michael Morris, chief executive of Picton Capital, said: “This is our third income accretive acquisition in as many months and combined we have now invested over £51 million with a blended yield of 7.7 per cent and an average income maturity profile of over six years.”

Picton Capital acts as investment manager for London stock market-listed Picton Property Income.