Glasgow 158-160 West Regent Street: Former church building sold in multi-million pound deal
A GRADE-A listed building in Glasgow, which was previously a church, has been sold to a Middle Eastern investor, sealing its first deal in Scotland.
International Investment Gate (IIG) acquired the building at 158-160 West Regent Street on behalf of one of its private clients for £4.95 million. Real estate consultant Knight Frank acted for IIG under the Shariah-compliant agreement. Keygate Capital Real Estate Advisors acted for the seller. The deal is seen by Knight Frank as a sign of continued interest in Glasgow from international investors.
Knight Frank said the seller was a “private Israeli” investor. This investor had owned the building “for some time [it] was only a case of redistribution of wealth”. The building, which once housed the John Ross Memorial Church, dates back to the early 1890s and is fully leased to architectural practice Keppie Design until 2030. It has 20,000 square feet of office space – which, according to Knight Frank, was “spread over what was before. a church and an adjoining institute for educational and social activities”.
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Knight Frank partner Douglas Binnie said of Keppie: “They’re mostly busy and have a lease until 2030, so the hope is they’ll stay there until then and beyond. .”
Mohammed Alswaidan, Managing Director of International Investment Gate, said: “We are delighted to have advised and structured the acquisition of this well-known office building in Glasgow city center for one of our private clients.
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“The property generates an attractive revenue stream through 2030 while offering ample asset management opportunities to enhance long-term value. The acquisition is in line with our business model of offering a full one-stop service to our customers.”
Mr Binnie, Partner at Knight Frank in Glasgow, said: “The deal for 158-160 underscores the fact that Glasgow continues to attract international investment, particularly with this acquisition which represents IIG’s first deal in Scotland. . Our research last month showed that, despite the obstacles presented by the pandemic, almost half of investment in Scottish commercial property came from overseas buyers – a trend we expect to continue into what could be late 2021. charged.