Property investment and development company CEG has acquired 33 Cadogan Street in the heart of the central business district of Glasgow.
With full planning permission in place for a 275,000sq ft development, the site has already been cleared and readied for construction. CEG, which was behind the 2006 development of the Aurora on Bothwell Street, has appointed Glasgow-based Cooper Cromar as architect for its newest scheme.
CEG was advised on the acquisition by CBRE, while Knight Frank and JLL represented M&G on the sale. JLL and CBRE have been appointed as joint agents to market the new development on behalf of CEG.
“We are confident in the strength of Glasgow’s office market," said Tony Gaynor, head of investment at CEG.
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"The city is under-supplied in terms of Grade A workspace and there is a very restricted pipeline of consented and funded schemes. A significant number of recent lettings has further eroded available stock.
“Designed as a UK best-in-class building, The Grid responds to occupiers' net zero carbon and sustainability requirements as well as providing enhanced amenities and a workspace environment that occupiers are seeking for their employees. The scheme is fully funded and we are committed to a pathway to commence construction on site as soon as possible.”
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