Advised by Capita Real Estate and Infrastructure, Artisan Real Estate Investors has purchased Cotton House in Glasgow for £9,100,000.
Cotton House is a striking 52,000 sq ft office block on the corner of Cochrane Street and Montrose Street in the city’s Merchant City area.
Jaco Jansen, chief executive officer for Artisan Real Estate Investors said: “Cotton House is our first purchase in Glasgow. Having recently purchased Abbeyhill Industrial Estate in Edinburgh as well as our existing Edinburgh developments at New Waverley and Warriston, it reinforces our commitment to invest and develop in Scotland.
“With the ongoing redevelopment of Queen Street Station as well as a number of developments underway in George Square and the Merchant City we feel there is a significant shift towards this area of the city centre.”
Calum Cowe, associate in capital markets for Cushman & Wakefield, represented the vendor London & Regional Properties. He said: “London & Regional has owned the building since its development in 1998 and felt now was the right time to capitalise on the fresh wave of interest in this part of Glasgow. The area was recently announced as Glasgow’s second innovation district thanks to its proximity to the University of Strathclyde and the newly opened tech incubator in the Tontine building.
“Opportunities of this nature do not come on the market often and there was interest from both Scottish and overseas investors in the sale.”
Peter Fleming, associate investment director for Capita Real Estate and Infrastructure, commented: “Cotton House is a high profile office building in the city centre. Let in its entirety, it provides solid income in the medium term, whilst providing Artisan with longer term value-add and development opportunities. With the level of ongoing development in this location it is an exciting area for occupiers, developers and investors.”
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