A LANDMARK Bank of Scotland building in Glasgow has been sold by Savills Investment Management to South Korean investors for £48.4 million.
The buyers, which were not named, are clients of Knight Frank Investment Management.
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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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