Following completion of a £2.5 million refurbishment at Tay House in Glasgow, owner Regional REIT’s asset manager London and Scottish Property has announced that it has signed up Regus for the 29,020 sq ft second floor.
An innovative turnover lease agreement was secured and joint agents Ryden and Knight Frank advised London and Scottish Property.
The international workspace provider has taken the space on a 10-year lease and is currently undertaking fit out works prior to opening a new business centre in February 2017. Once complete the centre will offer a range of flexible working options including co-working space, virtual office services and meeting rooms which are bookable by the hour.
Refurbishment of the remaining 19,200 sq ft first floor at Tay House has also been completed. The space, which has been finished to a very high standard and is 100% column free, is available as a whole or in suites of 9,430 sq ft and 9,775 sq ft at £18.50 per sq ft.
New shower facilities are also currently being installed at the building as an added amenity for tenants.
Andrew MacGilp at London & Scottish Property said: “Regus is a very welcome addition to Tay House and further adds to the strong calibre of businesses located within the 155,000 sq ft Grade A office building. Following completion of the refurbishment works, we’re confident that we will be announcing a new occupier for the first floor very soon.”
Ken McInnes, partner at Ryden, added: “Our client’s investment in Tay House has directly resulted in this letting to Regus. As demand from occupiers for flexible workspace continues to increase, I’m confident Regus will receive a high level of interest in their business centre, particularly from small businesses, start-ups and remote workers.”