Landmark Government HQ office building

Rare opportunity to acquire a landmark Government HQ office building in a prime location within Glasgow’s CBD and International Financial Services District (IFSD). Constructed in 2001, the property provides high quality office accommodation over basement, lower ground, ground and seven upper floors. The property benefits from a high specification and extends to 96,759 sq ft with 80 clear basement car parking spaces (providing an excellent ratio of 1:1,209 sq ft). The building is fully occupied by The Scottish Government as its flagship office headquarters in Glasgow. The property is let in its entirety to The Scottish Ministers on an FRI lease expiring on 14 July 2029, with a rolling tenant break option from 14 July 2027, subject to 12 months’ notice. The property provides an unexpired term of 5.4 years to lease expiry and 3.4 years to the break option. Current passing rent of £3,272,726 per annum (£33.82 per sq ft), reducing to £1,455,480 per annum from 14 July 2024, reflecting a very low rate of £15.04 per sq ft, with prime Glasgow office rents now standing at £39.50 per sq ft. Exceptional medium term redevelopment potential for a variety of uses including best-in-class office refurbishment/ repositioning, purpose built student accommodation, residential and hotel.