finance

Property developer buys Glasgow financial district site


Property developer MRP has completed the purchase of 200 Renfield Street in Glasgow.

Extending to 53,330 sq ft, the office building sits within a 1.6 acre site and occupies a prominent location at the northern edge of Glasgow’s central business district, in an area known as Broadway.

It is 70% full, following a recent letting to Instant Offices for the ground and first floors. The second floor remains vacant, which MRP plans to refurbish and market for let.

The company’s investment in Glasgow began with the purchase of the last remaining development plot in the Broadway area in 2018.

Part of the development is already underway, with construction of the 300 bed Maldron hotel soon to complete this year, while the remaining phase of the scheme is earmarked for a 110,000 sq ft Grade A office building.

The Broadway Central office building is the first speculative office to be granted planning permission under the energy efficient Glasgow City Planning Policy CDP 5.



An overview of the 200 Renfield Street site
An overview of the 200 Renfield Street site

Angus Monteith, development director at MRP, said: “The purchase of 200 Renfield Street is part of a major, long term investment project for us in this area of Glasgow.

“Our development plans will revitalise an important area of the city centre and support its economic recovery, particularly following the pandemic.

“We plan to create a fantastic, combined estate with generous public realm that will make our new office building at Broadway Central unique in Glasgow city centre.”

Andy Cunningham, senior director at CBRE, which handled the sale on behalf of MRP, added: “It is located in a prime area of the city centre and has unrivalled public transport links and access to endless amenities.

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“MRP has made a significant investment in the area showing that despite the pandemic there continues to be strong interest for high quality sites in the right locations.”

Glasgow’s Broadway area comprised the redevelopment of the former Scottish Television Studios to provide 275,000 sq ft of Grade A offices and a 200-bedroom hotel.

The first phase of offices, the 125,000 sq ft Broadway One, is now occupied by Tesco Bank and the hotel was sold to citizenM Hotels for its first UK venture.

MRP is the property division of the construction business McAleer & Rushe, which has operated throughout the UK and Ireland for more than 50 years.

Its development portfolio has a total end value of circa £1.5bn, of which around £250m is currently under construction, with assets under management valued at £310m producing an income of around £13m each year.

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