Through their collaboration with London and Devonshire Trust, Mendip Capital has acquired Mercantile Chambers on behalf of private clients of Henderson Global Investors. The 71,759 sq ft office and retail property, at 53 Bothwell Street, comprises 62,406 sq ft of offices and 9,353 sq ft of retail. Arranged over basement, ground and seven upper floors, the ground floor provides retail accommodation with offices on the upper floors and car parking in the basement. The building has a Grade A listed façade in Art Nouveau style. It was acquired from KPMG, the administrator to a City Site Estates portfolio, which went into administration in April last year.
Tenants include J Sainsbury, Pret a Manger, Communities and Local Government and accountant Nelson Gilmour & Smith. The annual rental income is £680,093.
James Birkett comments: “This substantial building, in the heart of Glasgow’s Central business district, is both well let and has over 30,000 sq ft vacant where greatly improved returns can be achieved. Ryden have been appointed to implement their leasing strategy and James Barr will project manage the improvement programme.”