Sentinel attracts significant investor interest
Lismore Real Estate Advisors (Lismore) is pleased to announce the successful sale of Sentinel, one of Glasgow’s most recognisable office buildings, in a significant investment transaction that underscores growing confidence in the city’s office investment market.
Lismore advised Ardstone Capital investment managers on behalf of the Ardstone Regional Office Fund a joint venture with CBRE IM on the £19.60m sale to Clydebuilt II Limited Partnership (CLP II), a joint venture between Scottish property company Ediston and Strathclyde Pension Fund (SPF).
Prominently located on the corner of Waterloo Street and Douglas Street, Sentinel is a Grade A landmark office building offering high-quality and flexible accommodation, extending to 84,095 sq ft over ground and 9 upper floors, together with 26 secure basement car parking spaces.
The prime asset has undergone comprehensive refurbishment, with the most recent works completed in 2022. It now offers superior sustainability credentials, including an all-electric specification, EPC ‘A’ rating and WiredScore ‘Gold’ certification. Through this repositioning, Ardstone attracted a high calibre of occupiers including JLL, DWF, Chubb, Aggreko and Sedgewick International.
Commenting on the sale, Simon Cusiter, Director of Lismore said:
“The sale of Sentinel represents one of the most notable office investment transactions in Glasgow city centre this year, reinforcing investor appetite for prime, income-producing assets in Scotland’s largest city. Ardstone Capital repositioned the building, helping attract high quality tenants and providing a platform for future performance. The quality of the building was highlighted by the competitive nature of the sale process”
Calum Bruce, Fund Manager of CLP II said:
“Sentinel provides Clydebuilt with an attractive income stream which can be further improved through active asset management and the letting of the vacant floors. In a market with a limited supply of high-quality office accommodation, Sentinel is an attractive opportunity for tenants looking for new premises, with good interest already being shown by prospective occupiers.”
Lismore Real Estate Advisors represented Ardstone Regional Office Fund.
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