Following significant investment from well-known privately-owned property investor, Topland Group, Corporate Travel Management (CTM) – a global travel agent – has taken occupancy at Glasgow city-centre office block, Eight Nelson Mandela Place.
In a deal brokered by Knight Frank and Montagu Evans, the 10-year lease sees CTM move into the 4,605 sq. ft. first floor suite of the prime-location commercial space, from its previous location at the Hatrack on St Vincent Street.
The lease also marks full occupancy for Eight Nelson Mandela Place, which was bought by Topland in a deal worth £11million in July 2017. Since then, the firm has invested more than £200,000 in renewing and enhancing the cladding with an impressive internal atrium.
Knight Frank, which represented Topland in its initial purchase of the building formally known as The Athenaeum, along with joint marketing agents, Montagu Evans, assisted in regearing and renewing a number of leases for existing tenants. Other occupiers include Close Brothers Asset Management, Watermans, Shawbrook Bank, NHS, Fraser Nash Consulting and Rathbone Brothers.
Sarah Addis, Associate at Knight Frank, said:
“Topland has taken a strategic approach to Eight Nelson Mandela Place, engaging with all existing occupiers from the outset. This ‘hands-on’ style of asset management has enabled them to deliver widespread enhancements throughout. The refurbishment and renovations have not only helped secure another quality tenant in CTM and take Eight Nelson Mandela Place to full occupation, but have assisted in future proofing the building, which is indicative of the ambition and commitment of Topland to Glasgow’s commercial property market.”
Steve Pope, Group Director for Property and Asset Management from Topland said:
“We are delighted with the progress we have made at Eight Nelson Mandela Place in our first year of ownership, enhancing rents and increasing lease terms with a number of the existing occupiers and leasing the remaining suite to a great international business, like Corporate Travel Management. The improvements made to the atrium will allow us to reposition the property positively going forward, both in terms of rental and capital value.”
“We are continuing to explore further commercial property investment opportunities in Glasgow, having recently purchased 17 Renfield Street, and we are bringing a similar hands-on approach to this asset – incorporating our long-term commitment to our existing tenants, together with providing high quality office space and a contemporary reception area which meets modern day occupier requirements.”