Mactaggart & Mickel Group signs ten year deal on Glasgow HQ
The company said the £4 million deal signals its long term commitment to do business in the city. Mactaggart & Mickel is also investing £400,000 to refit the office space.
Property group Moorfield and joint venture partner Resonance Capital acquired the Grade A office building in September 2015 along with neighbouring 2 and 3 Atlantic Quay. The company has recently commenced a programme of investment into the properties.
Andrew Mickel, director at Mactaggart & Mickel Group, said: “Glasgow is very much home for Mactaggart & Mickel Group so we were pleased to conclude the renewal of the lease. The 10 year agreement does not include a break clause, marking a clear sign of our commitment to continue to operate in the city.
“The sector has undergone a period of political uncertainty but, as we move into our tenth decade in business, we are confident in the long term performance of the UK property market and continue to plan for business growth.”
Mark Holmes, asset manager at Moorfield, said: “Mactaggart & Mickel Group’s commitment to remain in Atlantic Quay 1 is an endorsement of the quality of the complex and its location in the city’s business district. Alongside our joint venture partner Resonance Capital, we are investing in a multi-million pound refurbishment and improvement programme that will upgrade Buildings 1, 2 and 3 into a unique ‘Grade A’ office complex that fronts the River Clyde.”
Mactaggart & Mickel Group was advised on the transaction by Dornan & Co.