Prize Sauchiehall Street Block is launched in Glasgow

09 November 2016

On behalf of Lujo Properties, international real estate advisor Savills has launched a commercial investment and development opportunity at 396 – 408 Sauchiehall Street in Glasgow to the market. Offers are invited for the sale of the part-income producing asset.

Extending over lower ground and five upper floors, the Grade B listed Ashfield House in Glasgow City Centre offers 17,248 sq ft (1,602 sq m) of offices and 25,362 sq ft (2,356 sq m) of retail and leisure space. The accommodation is part-let to a mix of tenants and generates £238,000 per annum.

David Cobban, director in the business space team at Savills Scotland, comments: “Sauchiehall Street is earmarked for significant regeneration and improvement works to its buildings and public realm and Ashfield House presents a unique and timely opportunity to harness onto the wider benefits we can expect to see in the area. Combined with the income producing element of the asset, we expect to see a range of interest from parties with both commercial and residential intentions.”

Savills notes that Sauchiehall Street is Glasgow’s first Business Improvement District (BID), established in December 2013. In addition to the funding secured through the BID, Sauchiehall Street has been designated a substantial capital contribution for public realm works through the Infrastructure Fund within the local City Deal. The Sauchiehall and Garnethill district is the first of the nine districts, says the firm, identified in The Glasgow City Centre Strategy and Action Plan 2014-19 to produce a draft Regeneration Framework.