Clearbell Property Partners IV LP (Clearbell), a new fund managed by Clearbell Capital LLP, today announces the acquisition of 150 St. Vincent Street, Glasgow, from a fund managed by PineBridge Benson Elliot.
The office building, which is currently fully let, is in a prime location in Glasgow’s Central Business District and comprises 69,000 sq ft across eight stories. The asset is the first acquisition from Clearbell Property Partners IV, which is Clearbell Capital LLP’s latest fund.
Clearbell has acquired the asset with plans to double the size of the existing building to 152,000 sq ft, by seeking planning permission for the extension of the floor plates and addition of four stories. Clearbell aims to take advantage of the supply and demand imbalance in the city, by providing Grade A office accommodation for local businesses in the heart of Glasgow.
There are plans to refurbish the building to high sustainability credentials and to explore if we can create Glasgow’s first operationally carbon neutral office building and Glasgow’s first BREAAM Outstanding office. Clearbell is also looking at working towards carbon neutrality for the entire lifecycle of the building.
The asset is well-located in Glasgow city centre, within easy reach of both Queen Street and Central stations, offering direct connections to Edinburgh, Manchester and London. The M8 motorway is also nearby, with links to Glasgow airport and Edinburgh.
Nick Berry, Partner at Clearbell Capital said: “As we have seen since the end of lockdown, quality workspace in the right areas continues to attract tenants and to generate good rental income. Glasgow has long been a centre for business and is bouncing back from the impact of the pandemic.”
“As well as improved office space that allows collaboration and connection, tenants are demanding strong ESG credentials too. With the renewed impetus of COP26, pressure on landlords is ramping up to deliver greener buildings than ever before. We are seeking to create one of Glasgow’s most sustainable office space and to create a workplace for the occupiers of the future.”
Clearbell was advised by Avison Young. PineBridge Benson Elliot was advised by JLL.