A LANDMARK Bank of Scotland building in Glasgow has been sold for £48.4 million.
The buyers, which were not named, are clients of Knight Frank Investment Management.
The building has been sold by Savills Investment Management to South Korean investors
The building at 110 St Vincent Street was designed by renowned architect James Miller and opened in 1927 as the new head office for The Union Bank of Scotland.
Following a merger with Bank of Scotland in 1955, the building became the enlarged institution’s chief office in Glasgow. It has been refurbished to provide 96,751 sq ft of Grade A office space, while retaining the original listed facade and banking hall.
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Duncan Miller, director at Savills Investment Management, said: “The sale of 110 St Vincent Street demonstrates the ongoing appeal of Glasgow’s property market, and caps a successful asset management programme during which we added significant value through extending Bank of Scotland’s lease.”
Alex France, associate director at Savills in Glasgow, said: “110 St Vincent Street is one of Glasgow’s most impressive buildings and represented a rare opportunity to acquire an iconic building with a longstanding tenant. Glasgow continues to draw interest from international investors.”
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John Rae, head of office at Knight Frank in Glasgow, said: “Overseas investors have come to represent a significant portion of the market in recent years and we believe that will remain the case, with interest continually coming in from new sources.”
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