BAM sells Glasgow office to Deutsche AWM for £70m
BAM Properties has sold its commercial property development CONNECT110Ns in the heart of Glasgow's premier commercial and retail district to Deutsche Asset & Wealth Management (Deutsche AWM).
The transaction completed on Thursday 25 September for a purchase price of approximately £70m. The building, which will be completed in June 2015, comprises 143,000 sq ft of prime office space over eight floors with 19,000 sq ft of retail space on the ground floor. It is located at the junction of Queen Street in the financial district, and Ingram St - the so-called 'style mile'.
Parts of the building have already been let. Scotland's largest law firm Brodies will occupy 25,000 sq ft and leading chartered accountancy firm Grant Thornton will occupy 15,056 sq ft on the eighth floor.
John Burke, Managing Director Properties, BAM Construct UK, says, "Deutsche AWM recognised the strength of the Glasgow market and that CONNECT110NS was the most attractive, highly sustainable, BREEAM excellent commercial property coming on stream. Our development fits with the profile of properties they invest in, such as 1 Angel Sq Manchester which was also built by our construction division BAM Construction.
"BAM was the first developer to return to the commercial market in Glasgow. The support of £10m investment from the SPRUCE Fund was instrumental in going forward and we are delighted that we have delivered on that investment. The high level of interest from top class companies vindicates our decision to develop and we are delighted that the building has attracted an international investor of the calibre of Deutsche AWM.
"BAM Properties will continue to partner with DeAWM to manage the building through to completion and full occupancy. We expect to announce further lettings shortly."
By Harry Hanscomb
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