LaSalle Investment Management has sold 38 Cadogan Street, a 40,000 sq ft office building in Glasgow’s central business district, to APAM for £7.3m, an initial yield of 4.8%.
LaSalle IM bought the building in 2014 and subsequently let four floors to existing tenant, Wescot Credit Services, advised by Ryden. One vacant floor remains.
Ian Dougherty, Ryden Investment Partner acting for LaSalle IM, said “Cadogan Street is entering an exciting new phase with two of the most significant office developments in central Glasgow - Cadworks and The Grid – due to complete within the next three years. Having improved the income profile of the building through an aggressive refurbishment and letting strategy, it was a suitable time for LaSalle to move the building on."
Knight Frank represented APAM.