Sol Zakay’s Topland Group has acquired Portland House, a multi-let office and retail asset extending to approximately 37,000 sq ft on Renfield Street in the heart of Glasgow’s Central Business District. The asset was identified and acquired in an off-market transaction for £4.50 million exclusive of VAT.
“We are pleased to have bought Portland House which follows our strategy of acquiring well located CBD assets. We now have several key investments in Glasgow city centre and look forward to implementing our asset management strategy,” said Mark Kingston, Managing Director at Topland.
The property is currently let to Tesco and Browne Dental Group on the ground floor and a variety of other tenants on the seven upper floor offices. This acquisition follows the purchase of The Athenaeum located on Nelson Mandela Place in the centre of Glasgow for around £11 million. Topland was advised on the investment by Galbraith, while Ryden represented the vendor Kewbrook Ltd, a subsidiary of Stockbourne Group Ltd.
“We are delighted to have identified this off-market opportunity for Topland, the transaction is a great example of our client led approach to investment agency and we look forward to seeing the building perform for Topland,” commented Will Sandwell from Galbraith.
Galbraith is an independent property consultancy employing over 270 staff in offices across Scotland, including Edinburgh, Stirling, Perth, Cupar, Inverness, Castle Douglas, Ayr, Elgin, Galashiels, Kelso, Aberdeen and covering Argyll, offering local knowledge, national expertise and enjoying international reach.
The firm provides the full range of property consulting services across the commercial, residential, rural and renewable energy sectors throughout Scotland and northern England. Galbraith is Scotland’s largest and leading rural consultancy managing and providing advice on farm, forestry, land and estate interests on over three million acres.