Royal London puts Glasgow’s Tontine House on the block

Royal London Asset Management Property is looking to dispose of six-storey Tontine House in Glasgow city centre. Sheridan Keane Real Estate Investment has been tasked to take the property to the market, seeking offers of more than £13m. A deal at the asking price would represent an 8% yield. RLAM acquired the building 25 years ago for more than £16m. The 31,132 sq ft office building, featuring a bank branch, retail and leisure space, sits on the corner of Buchanan Street and Gordon Street. The lower floors are let to TGI Fridays and Royal Bank of Scotland for a further 15 and 10 years, respectively, while office occupiers include legal practice Raeside Chisholm Solicitors and IT course provider Pitman Training. The building generates a combined rent roll of £1.1m per year. About 7,000 sq ft of space in the building is vacant. Image © Sheridan Keane Real Estate Investment