A JOINT venture is to bring a £7 million investment boost to office space in Glasgow.
Ambassador LB Holdings LLP is to invest the cash at its three commercial buildings in Glasgow, delivering 60,000 sq ft of office space equipped with “world-class technological infrastructure”.
Glasgow-based property investor Ambassador Group and specialist investment manager ICG-Longbow form the joint venture.
Kevin Crowley, managing director of ICG-Longbow, said: “Our increased investment into the JV portfolio reaffirms our conviction in the Scottish property market and the value-add opportunity we identified there two years ago. The Ink Building is the fifth acquisition for the partnership and delivers ‘Grade A’ office space in a supply constrained market.
“The refurbishment and digital upgrade will ensure our assets will meet the requirements of our customers in an ever-evolving real estate environment and future proofs our assets.’’
ICG-Longbow committed its Ink Building and Granite House properties to WiredScore’s “Wired Certification” programme, a benchmark for technological capacity, infrastructure resilience and connectivity.
It aims to help landlords understand and promote the digital infrastructure of their properties.
The digital upgrades form part of the £7m refurbishment programme of Ambassador LB’s Glasgow office portfolio, which also includes the Forsyth building, formerly RWF House.
Chris Richardson, Ambassador Group’s investment director, said: “The enhancement programme across our portfolio will directly respond to the needs and wants of modern businesses. It is testament of our desire to cater for forward-thinking occupiers and set new standards in Glasgow.
“At Ink, we have earmarked £3m for a new roof, glazing, lifts, reception and façade improvement works. The redevelopment will bring sought-after office floorplates of up to 4,500 sq ft to the market early in 2019.”
The Ink Building, rebranded to mark its publishing heritage, is a 40,000 sq ft office located in Douglas Street in the international financial services district.
Award-winning Glasgow-based architect Stallan-Brand is leading a revised planning application for the site.
Granite House, located in the Merchant City, has “flexible office accommodation” across its upper floors, which are undergoing a refurbishment programme.
The Forsyth Building project will target delivery of retail and office space only a few minutes’ walk from Buchanan Street, a key Glasgow shopping destination, on the corner of Gordon Street and Renfield Street.
The joint letting agents for the Ink Building and Granite House are Savills and LSH, while for the Forsyth Building it is CBRE and Savills, with Culverwell and Syme the joint retail agents.
Syme is the retail adviser at Granite House.
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