Wirefox splashes again on Scottish offices

By Paul Norman - Thursday, October 05, 2017 9:49

Belfast property development and investment company Wirefox has splashed out again in Glasgow, buying City Park, a Grade B listed office building in the east of Glasgow city centre from APAM on behalf of its clients, for £41m.

The 294,000 sq ft office at 368 Alexandra Parade has been bought from APAM acting on behalf of a syndicate of banks.

APAM Ltd was appointed five years ago on the 300,000 sq ft office building as asset manager and implemented a multi-million-pound refurbishment and re-modelling programme to provide high grade offices including a gym, café, nursery, shop and hairdressers. APAM has let and re-geared over 250,000 sq ft with the property now 95% let to corporate occupiers including Sky, Dell, Actavo and British Gas.

The art deco building is the former W.D. and H.O. Wills tobacco and cigar factory. Occupiers include Dell and Glasgow City Council.

The City Park deal is the latest in a number of significant Scottish purchases made by Wirefox, with the firm having completed the £43.5m acquisition of Glasgow’s Capella building in August.

This followed the purchases of Glasgow’s Rockford portfolio and Silvan House in Edinburgh earlier this year, while last year Wirefox acquired the Southergate Centre, a major retail-led asset in Dumfries town centre.

In July, meanwhile, Wirefox completed the purchase of CastleCourt shopping centre in Belfast for £125m from Hermes Investment Management.

William Powell, Director of APAM Ltd said: “The sale of Citypark is testament to the strength of our asset management team. We responded swiftly to market demand, providing high-quality refurbished office space as well as unrivalled on-site amenities. This has resulted in a first-class business location, which has attracted high-calibre tenants and helped occupiers recruit and retain talent in Glasgow. We are immensely proud of the success of Citypark and wish the purchaser future success with the asset”
 

William Powell, Director of APAM, said: “The sale of Citypark is testament to the strength of our asset management team. We responded swiftly to market demand, providing high-quality refurbished office space as well as unrivalled on-site amenities. This has resulted in a first-class business location, which has attracted high-calibre tenants and helped occupiers recruit and retain talent in Glasgow. We are immensely proud of the success of Citypark and wish the purchaser future success with the asset."

Wirefox was advised by Scottish law firm MacRoberts and Derek Paterson of DPL, a specialist investment property advisor, alongside Belfast-based solicitors Davidson McDonnell. JLL and Dougray Smith acted for APAM.

pnorman@costar.co.uk

Get in Touch
+44 203 205 4600