Bunnik, the Netherlands, 30 September 2014 - BAM Properties has sold its commercial property development CONNECT110NS in the heart of Glasgow’s premier commercial and retail district to Deutsche Asset & Wealth Management (Deutsche AWM). The transaction was completed on Thursday 25 September for a purchase price of approximately £70 million.
The building, which will be completed in June 2015, comprises 143,000 sq ft of prime office space over eight floors with 19,000 sq ft of retail space on the ground floor. It is located at the junction of Queen Street in the financial district and Ingram Street – the so-called ‘style mile’.
Parts of the building have already been let. Scotland’s largest law firm Brodies will occupy 25,000 sq ft and leading chartered accountancy firm Grant Thornton will occupy 15,056 sq ft on the eighth floor.
John Burke, Managing Director Properties, BAM Construct UK, says: ‘Deutsche AWM recognised the strength of the Glasgow market and that CONNECT110NS was the most attractive, highly sustainable, BREEAM excellent commercial property coming on stream. Our development fits with the profile of properties they invest in, such as 1 Angel Square Manchester which was also built by our construction division BAM Construction.’
‘BAM was the first developer to return to the commercial market in Glasgow. The support of £10 million investment from the SPRUCE Fund* was instrumental in going forward and we are delighted that we have delivered on that investment. The high level of interest from top class companies vindicates our decision to develop and we are delighted that the building has attracted an international investor of the calibre of Deutsche AWM.’
‘BAM Properties will continue to partner with Deutsche AWM to manage the building through to completion and full occupancy. We expect to announce further lettings shortly.’
BAM Properties is known for commercial and retail developments that create value for investors. Our high quality, sustainable developments also bring benefits to the businesses and people who work in them.
BAM Properties is the property development arm of BAM Construct UK a construction and property services company that undertakes design, construction, facilities management and public private partnerships. Other significant developments in Scotland include £24 million Aurora building in Bothwell Street, as well as building the Riverside Transport Museum, refurbishment of the National Portrait Gallery, Nike’s flagship store on Buchanan Street, Tesco Bank’s headquarters at Haymarket in Edinburgh and NFU’s Glasgow office.
The Scottish Partnership for Regeneration in Urban Centres (SPRUCE) is a £50 million Urban Development Fund funded by the Scottish Government and the European Regional Development Fund under the JESSICA initiative (Joint European Support for Sustainable Investment in City Areas). SPRUCE is managed by the Amber Infrastructure Group, which was appointed by the European Investment Bank (EIB) and the Scottish Government to manage the fund and to originate and invest in regeneration and energy efficiency projects.
SPRUCE provides competitively priced senior and mezzanine loans and equity to eligible projects in the thirteen most deprived local authority areas of Scotland.