Five office suites at The Mercantile Building in Glasgow, where new owners Henderson Global Investors is undertaking a £2m refurbishment have been let during the summer.
The new tenants, Black Ad, Kiltwalk, M7 Real Estate Limited, McCurrachs and Racon, have all taken suites on the 2nd floor; where renovation works involving sub-division to create 14 suites were completed at the end of September. The new deals were all secured prior to completion of the refurbishment and each occupier has taken advantage of the all inclusive flexible lease terms available. Quoting rents are £25 per sq ft.
The remaining suites on the 2nd floor are being offered on an all-inclusive basis, including full data wiring, electricity, rent and service charge. A high level of interest, particularly from companies seeking flexibility, has been received for the vacant space and Ryden is confident it will be announcing further deals shortly.
James Birkett of Mendip Capital said: “We have created a product which is in high demand in Glasgow city centre, namely small suites on all inclusive cost terms which are fully wired and available for immediate occupation. We were delighted to let over 40% of the 2nd floor suites before the refurbishment had even completed."
Henderson Global Investors acquired the Mercantile Building in April of this year for £5.2 million and retained Ryden as its letting agent. Henderson Global Investors has been actively reviewing asset management strategies for the building and further phases of refurbishment, including renovation of the 6th floor and common parts, a new entrance and works to the external building, are all scheduled to take place.