New Amsterdam Invest has acquired two office blocks in Glasgow for a total of £18m, in two of the city’s biggest deals of 2023.
The company has bought 2-4 Blythswood Square for £9m and Sutherland House, 149 St Vincent Street (pictured), for a further £9.05m.
The Blythswood Square premises, which is the Scottish headquarters of whisky giant Chivas Brothers, is Grade B listed and offers 27,125 sq ft of prime office space over five floors.
Sutherland House, which is located in Glasgow’s central business district, offers 39,378 sq ft of office space over nine storeys. The Grade B listed building has been refurbished in recent years.
Knight Frank acted for New Amsterdam Invest on the purchase of 2-4 Blythswood Square and for the vendor, BMO/Columbia Threadneedle, on Sutherland House.
Douglas Binnie, capital markets partner at Knight Frank Glasgow, said: “With more realistic pricing creeping in, we are beginning to see expectations between buyers and sellers move closer together – there are lots of opportunities in the current market for those looking to invest, particularly if you are a cash buyer.
“The economic backdrop has undoubtedly been tough for investors, with rising interest rates and, therefore, the increasing cost of debt. However, with a lot of good stock currently on the market in Glasgow and these two deals concluding, we hope to see more follow in the city over the coming months.”
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