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M&G set to fill up in Glasgow with Regus

By Paul Norman - Wednesday, February 07, 2018 15:00

M&G Real Estate is set to lease around 30,000 sq ft of offices at 1 West Regent Street in Glasgow to serviced office giant Regus in a move that leave less than 40,000 sq ft of standing new Grade A office stock in the city centre, CoStar News understands.

Regus is understood to be in talks to take 30,993 sq ft on the first and second floor of 1 West Regent Street as well as a circa 3,400 sq ft retail unit on the ground floor paying around £29 per sq ft.

The building was developed in joint venture by Clearbell Capital together with M&G and comprises 143,000 sq ft of Grade A office and retail over eleven levels. M&G bought joint venture partner Clearbell out of the speculatively developed building in 2016.

The scheme has attracted tenants such as Weir Group PLC, CMS, Arup, FDM Group, Global, Shepherd and Wedderburn and Giraffe and would now have just 6,400 sq ft on part of the fourth floor available for lease.

Market sources said the only other standing Grade A new stock available for lease in Glasgow at present is around 25,000 sq ft across two floors at Abstract's St Vincent Plaza.

CoStar's latest Glasgow office report can be found here. 

CBRE is advising Regus; Bilfinger GVA and JLL are letting agents for the office development with CBRE and Culverwell marketing the ground floor retail units.

pnorman@costar.co.uk

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