“One of the oldest” red sandstone buildings in Glasgow has been returned to the forefront of the city centre office market following a major refurbishment.
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Commercial property developer Highbridge Estates has completed the refurbishment of 24 St Vincent Place, a mixed-use commercial building in central Glasgow, after securing a £2.5 million refinancing loan from Cynergy Bank. The property was built in the late-19th century as the headquarters for the Evening Citizen newspaper, the bank noted.
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Declaring it had supplied a five-year, interest-only term loan in what is its first transaction with Highbridge Estates, Cynergy Bank said: “The quality of the refurbishment helps Highbridge Estates retain strong tenants in a competitive office market.
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It added: “Following Cynergy Bank’s financing, these works have brought one of the oldest red sandstone buildings in Glasgow back to the forefront of the central Glasgow office market.”
Sebastian Wilson, asset manager at Highbridge Estates, said: “Our experience with Cynergy Bank has shown that their team are very easy to deal with, commercial in all their decisions and listened to our needs during the financing process. We very much look forward to growing our relationship with Cynergy Bank over the coming years.”
Kenny Stewart, director at Cynergy Bank, said: “We’re delighted to have been able to assist the team at Highbridge Estates with the refinance of this property in the heart of Glasgow’s city centre. This was our first transaction with Highbridge Estates, and we look forward to working together and developing the relationship in due course.”
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