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.
DTZ Scotland advised Elphinstone; DTZ London advised Rock Capital.