The well-known West Regent Street home to architecture practice Keppie Design has been sold to a Middle Eastern investment group, marking its first deal in Scotland.
International Investment Gate (IIG) has acquired 158-160 West Regent Street on behalf of one of its private clients for £4.95 million. Knight Frank acted for IIG on the Sharia-compliant deal, while Keygate Capital Real Estate Advisors represented the vendor.
The Grade A listed building dates back to the early 1890s and is fully let to Keppie Design until 2030, with 20,000 sq. ft. of office space spread over what was previously a church and an adjoining institute for educational and social activities.
Having already struck a handful of deals for offices in England’s major regional cities earlier this year, the acquisition is IIG’s first in Scotland as it looks beyond London and the South East for investment opportunities.
Dr Mohammed Alswaidan, CEO of International Investment Gate, said: “We are delighted to have advised and structured the acquisition of this well-known Glasgow city centre office building for one of our private clients. The property delivers an attractive income stream until 2030 whilst also offering numerous asset management possibilities to enhance value in the long term. The acquisition is in line with our business model of offering a comprehensive one-stop shop service to our clients.”
Douglas Binnie, associate at Knight Frank Glasgow, said: “The deal for 158-160 underlines the fact that Glasgow continues to attract international investment – particularly with this acquisition representing IIG’s first deal in Scotland. Our research last month showed that, despite the obstacles presented by the pandemic, nearly half of investment in Scottish commercial property came from overseas buyers – a trend we expect to continue in what could be a busy end to 2021.”