A prominent corner building in central Glasgow, which is home to architecture practice Keppie Design, has been sold to a Middle Eastern investment group, marking its first deal in Scotland.
International Investment Gate (IIG) has acquired 158-160 West Regent Street on behalf of one of its private clients for £4.95 million.
Knight Frank acted for IIG on the Sharia-compliant deal, while Keygate Capital Real Estate Advisors represented the vendor.
The Grade A listed building dates back to the early 1890s and is fully let to Keppie Design until 2030, with 20,000 sq. ft. of office space spread over what was previously a church and an adjoining institute for educational and social activities.
Having already struck a handful of deals for offices in England’s major regional cities earlier this year, the acquisition is IIG’s first in Scotland as it looks beyond London and the South East for investment opportunities.
Dr Mohammed Alswaidan, CEO of International Investment Gate, said: “The property delivers an attractive income stream until 2030 whilst also offering numerous asset management possibilities to enhance value in the long term.
“The acquisition is in line with our business model of offering a comprehensive one-stop shop service to our clients.”
Douglas Binnie, associate at Knight Frank Glasgow, said: “The deal for 158-160 underlines the fact that Glasgow continues to attract international investment – particularly with this acquisition representing IIG’s first deal in Scotland.
“Our research last month showed that, despite the obstacles presented by the pandemic, nearly half of investment in Scottish commercial property came from overseas buyers – a trend we expect to continue in what could be a busy end to 2021.”
Distillery approved
Plans to create Scotland’s first grain distillery in 10 years have taken a significant step forward after being given the green light by planners.
The St Boswells Distillery, based at Charlesfield Industrial Estate in the Scottish Borders, will be Scotland’s lowest carbon grain distillery.
It will produce 20 million litres of pure alcohol a year to meet the growing demand for grain whisky for use in Scotch Whisky blending and a Scottish grain neutral spirit for gin and vodka.
The approved planning application will facilitate a £46m investment in the local economy, creating about 200 construction roles and 20 permanent, high-value jobs supporting the rural community.
The 18 month construction period is scheduled to begin in 2022, and spirit will be produced in 2024.
Tenants for Livingston trade park
Livingston Trade Park has secured City Plumbing and consumer goods company IOC Anabtawi UK as tenants at a newly-built facility on the Houstoun Industrial Estate.
Developed by Chancerygate, the park was acquired by Northwood Investors earlier this year, as part of a portfolio of 11 estates.
