Two prominent office buildings in Glasgow have changed hands for just over £18 million in two of the city’s biggest deals so far this year.
New Amsterdam Invest has acquired 2-4 Blythswood Square for £9m and Sutherland House on St Vincent Street for a further £9.05m. Knight Frank acted for New Amsterdam Invest on the purchase at Blythswood Square and for the vendor – BMO/Columbia Threadneedle – on Sutherland House.
Currently the Scottish headquarters of Chivas Brothers, 2-4 Blythswood Square is a Grade B-listed building with 27,125 square feet of office space spread over five floors.
Sutherland House is located in Glasgow’s central business district and includes Murphy Wealth, law firm DAC Beachcroft, and recruiter Michael Page among its occupiers. The Grade B-listed building totals 39,378 square feet over nine storeys and has been extensively refurbished in recent years.
“The deals for 2-4 Blythswood Square and Sutherland House underline the attractiveness of and value that can be found in Glasgow," said Douglas Binnie, capital markets partner at Knight Frank. "With more realistic pricing creeping in, we are beginning to see expectations between buyers and sellers move closer together – there are lots of opportunities in the current market for those looking to invest, particularly if you are a cash buyer.
“The economic backdrop has undoubtedly been tough for investors, with rising interest rates and, therefore, the increasing cost of debt. But, with a lot of good stock currently on the market in Glasgow and these two deals concluding, we hope to see more follow in the city over the coming months.”
Glasgow's PPM joins wealth management group Evelyn Partners
Wealth management group Evelyn Partners has continued its expansion in Scotland with the acquisition of Glasgow-based PPM Wealth.
The deal will see eight members of staff joining Evelyn Partners, which has a team of 350 moving into a new Glasgow office in Bothwell Street. Among them are PPM chairman and co-founder Alan Steven, who will assume a client relationship role, along with investment professionals Atif Latif and Ian Black, financial planner Doug Hall, and four support staff.
Eni of Milan closes on $5bn deal to buy North Sea gas firm
Italian oil giant Eni is set to clinch a blockbuster deal to acquire North Sea-focused Neptune Energy, which will underline the appeal of the area.
Eni is in advanced talks to buy private-equity backed Neptune for around $5 billion (£4bn) according to Bloomberg. The news agency reckons a transaction could be announced this week.
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