L&G buys Scottish Courts HQ at Atlantic Quay - Glasgow

09 January 2018

On behalf of Legal & General Assurance, international real estate advisor Savills assisted in the acquisition of 3 Atlantic Quay in Glasgow from Moorfield Real Estate Fund III for a figure in the region of £50 million, representing a net initial yield of c. 3.75%

 

Following a comprehensive refurbishment, the 80,253 sq ft (7,456 sq m) landmark office now provides high quality Grade A specification accommodation overlooking the River Clyde, fully let to the Scottish Courts and Tribunals Service (SCTS) for a new 25 year term and generating an initial rent in the order of £1.915 million per annum.

 

Mark Fleming, director in the investment team at Savills Scotland, comments: “We were delighted to assist Legal & General in acquiring this prime asset which is located in the heart of Glasgow’s international financial services district. Following its comprehensive refurbishment, Moorfield the vendor secured one of the city’s largest lettings of 2017 to the undoubted covenant of Scottish Courts and Tribunal Services. Lettings of this nature, to this quality of covenant with indexation and let on long term leases are an extremely rare product in the market and therefore afforded the opportunity for Savills and Legal & General to approach Moorfield to acquire this newly created investment.”

 

Moorfield Group was advised Brodies LLP.

 
 

General Enquiries

Savills Edinburgh

 

Key Contacts

Mark Fleming

Mark Fleming

Director
Investment

Savills Edinburgh

+44 (0) 141 222 5859

 

Alex France

Alex France

Associate Director
Investment

Savills Glasgow

+ 44 (0) 141 222 5860