The Soller Group has completed the off-market purchase of a prime Central Glasgow office development site in the rapidly evolving International Financial Services District.
The site, located between Carrick Street and Brown Street is within close proximity to Atlantic Quay, where the Department for Work and Pensions are taking a 280,000 sq ft office. The new Barclays Bank Campus of circa 450,000 sq ft is also close by, being situated just to the south of the site in Tradestown.
Soller have already submitted a planning application for the site, which is being called Carrick Square, for Planning Permission in Principle, for a 250,000 sq ft office development. The full application will be submitted during 2019.
Soller were advised in the capital raising process by Peritus Corporate Finance, a specialist real estate debt advisory firm based in Soho.
Nick Treadaway, Founder and CEO of Soller, says, “We are absolutely delighted to have completed the purchase of this prime development opportunity, which further strengthens Sollers’ presence in the increasingly desirable Glasgow office market. There are a number of large letting requirements yet to be fulfilled and the scheme we will be delivering will meet the aspirations of the modern office occupier.”
Darren Baker, Founder and CEO of Peritus Corporate Finance, says “This transaction showcases how Peritus works closely with its clients to deliver bespoke lending and equity solutions. For this transaction, Peritus worked with a specialist lender to create a unique product to suit the needs of Soller and the lender. This year, Peritus has increased the size of its real estate finance team and advised on over GBP1billion of transactions.”
Original Press - Property Funds World
Original Date - 18.12.2018