Glasgow city centre office block hits the market

Signal Capital has put a for-sale sign in front of a seven-storey office block in Glasgow’s central business district. The 85,200 sq ft building, previously known as Cerium, is located at 55 Douglas Street, a short walk from Glasgow Central railway station. Signal has instructed CBRE to seek offers over £16m for a long leasehold interest up to 2125. The asking price is in line with the sum it bought the building for in 2017 from DWS. Since the purchase, Signal has invested £9m in the refurbishment of the block, featuring a new modern reception area and the creation of additional office suites. A 10,000 sq ft extension was completed to the front of the building to increase the footprint, including external facade alterations. Post-refurbishment, CBRE has secured Scottish Daily Record and Sunday Mail, part of Reach Group, as a tenant for the first floor of the building, on a 10-year lease at £29.50 per sq ft. The remaining office floors are vacant. Explore the Glasgow market >>