Increased height in pipeline as 150 St. Vincent Street changes hands
A new fund managed by Clearbell Capital LLP has today announced the acquisition of 150 St. Vincent Street in Glasgow with plans to double the size of the existing building.
Purchased from a fund managed by PineBridge Benson Elliot, the asset is the first acquisition from Clearbell Property Partners IV, which is Clearbell Capital LLP’s latest fund.
The office building, which is currently fully let, is in a prime location in Glasgow’s Central Business District and comprises 69,000 sq ft across eight stories. Clearbell has plans to double the size of the existing building to 152,000 sq ft, by seeking planning permission for the extension of the floor plates and addition of four stories.
There are plans to refurbish the building to high sustainability credentials and to explore if Clearbell can create Glasgow’s first operationally carbon neutral office building and Glasgow’s first BREAAM Outstanding office. Clearbell is also looking at working towards carbon neutrality for the entire lifecycle of the building.
Nick Berry, partner at Clearbell Capital, said: “As we have seen since the end of lockdown, quality workspace in the right areas continues to attract tenants and to generate good rental income. Glasgow has long been a centre for business and is bouncing back from the impact of the pandemic.
“As well as improved office space that allows collaboration and connection, tenants are demanding strong ESG credentials too. With the renewed impetus of COP26, pressure on landlords is ramping up to deliver greener buildings than ever before. We are seeking to create one of Glasgow’s most sustainable office space and to create a workplace for the occupiers of the future.”
Clearbell was advised by Avison Young. PineBridge Benson Elliot was advised by JLL.