Roger Smee’s Rock Capital Group has bought Glasgow’s City Park office scheme from Elphinstone and Earthquake Property Partners for £63.25m.

City Park comprises 292,110 sq ft (27,138 sq m) of grade B office space on a business park on the east side of the city centre.

Tenants include Dell, Scottish Gas, Saga 105.2 FM, Scottish Enterprise, Aggreko and Homebuy Group. The price reflects a net initial yield of 6.5%.

Rock beat five bidders and bought the scheme through Rock City Park Jersey Unit Trust.

City Park is a £20m conversion of the Wills tobacco factory. Funded by Irish Nationwide, Elphinstone, bought the run-down, listed property in 2000 and converted it into offices with 67,000 sq ft (6,224 sq m) floorplates and facilities such as Scotland’s first 24-hour gym.

The scheme has won four awards, including the British Council for Offices’ Scottish refurbished workplace award 2006 and the British Urban Regeneration Association best practice award 2006.

DTZ Scotland advised Elphinstone; DTZ London advised Rock Capital.