Praxis sells Glasgow offices to Eagle Street
Praxis has completed the sale of its 310 Vincent Street office building to Eagle Street Partners, which has bought the property for around £20m.
Praxis said the sum was “close to double” what it originally paid for the 70,000 sq ft building in 2015. At the time it bought the property from distillery group Whyte & Mackay. After securing vacant possession, it undertook a comprehensive grade-A refurbishment of the building with an emphasis on sustainability.
The works included the creation of sky garden terraces and an overhaul of the building’s M&E systems to incorporate smart technologies.
Praxis has completed the sale of its 310 Vincent Street office building to Eagle Street Partners, which has bought the property for around £20m.
Praxis said the sum was “close to double” what it originally paid for the 70,000 sq ft building in 2015. At the time it bought the property from distillery group Whyte & Mackay. After securing vacant possession, it undertook a comprehensive grade-A refurbishment of the building with an emphasis on sustainability.
The works included the creation of sky garden terraces and an overhaul of the building’s M&E systems to incorporate smart technologies.
The offices are leased to tenants including Cisco, Wescot Credit Services and solicitors Lawrie IP.
James Hewitt, head of asset management at Praxis, said: “The sale of 310 St Vincent Street caps £100m worth of profitable exits for the group since the onset of the Covid pandemic, all ahead of business plan.
“The conclusion of our 310 St Vincent journey is particularly gratifying because it demonstrates that older properties can be rehabilitated, with technology retrofitted to substantially reduce energy consumption and operational carbon, while still delivering highly attractive returns.”
Hewitt added: “It is a misnomer that older generation office buildings are destined to become obsolete and institutionally un-investable, and in the right hands they can be repurposed economically to meet the most stringent environmental criteria, while also satisfying the most demanding occupier needs and wants.
“Given the size of the UK property market, and the sheer volume of stock that is no longer fit for purpose, this must be the way forward.
“The other notable feature of this asset story is that over half of the building was leased since the onset of Covid-19, despite the government’s work-from-home mandate. This, and other leasing successes across our portfolio are evidence that if you deliver the right product, at the right price, occupational demand is there even in the most challenging of markets.”
Knight Frank and Ryden represented Praxis, while FT Liden acted on behalf of Eagle Street.
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