City activity reflects new confidence
performance air conditioning that is revolutionising the energy use in older buildings.”
Despite forecasts of an upsurge in such accommodation in the city, Mackenzie believes that the long anticipated wave of serviced office operators may not come to anything in 2020 in Glasgow. Partly he says this may be because the focus is on other cities deemed strategically important – and Glasgow
POSITIVE OUTLOOK: Knight Frank’s Colin Mackenzie is excited about new Glasgow projects such as the Sentinel, left.
NFU Mutual’s office development at 191 West George Street in Glasgow city centre has secured an occupier for the last remaining floor, meaning that the recently refurbished building is now fully let within 18 months of the completion of the £5.5 million project.
Multinational general insurance company RSA Group has taken the third floor, extending to more than 15,000 sq ft on a ten year lease at a rental of £31.00 per sq ft. It is relocating from existing premises in Alexander Bain
House on York Street in the city.
In July it was announced that Hilton Worldwide Ltd acquired the lower three floors, joining existing tenants in the building Hewlett Packard, which operates from the fifth floor, and Edrington-beam Suntory, the first occupier to move in and based on the fourth floor.
Tom Foley, NFU Mutual asset manager, said: “We’re thrilled that only 18 months after completion of the refurbishment project the building is now at full occupation. We also managed to achieve a new headline rent for refurbished Grade A space in Glasgow so all in all we’re delighted.”
Spring 4 Properties acted for RSA Group in the transaction while joint letting agents Knight Frank and JLL represented NFU Mutual.