Historic home of architecture practice Keppie Design sold
8th Nov 2021
The office of architecture firm Keppie Design on West Regent Street has been sold to a Middle Eastern investment group, marking the group's first acquisition in Scotland.
For £4.95 million, International Investment Gate (IIG) bought 158-160 West Regent Street on behalf of one of its private clients.
IIG was represented by Knight Frank on the Sharia-compliant deal, while the vendor was represented by Keygate Capital Real Estate Advisors.
The Grade-A listed structure dates from the early 1890s and is leased to Keppie Design until 2030, with 20,000 sq ft of office space divided across what was formerly a church and an attached institute for educational and social activities.
Knight Frank research showed that almost half of all investment in Scottish commercial property in the first three quarters of 2021 came from overseas buyers, as the market continues its recovery following the pandemic.
Dr Mohammed Alswaidan, chief executive of IIG, said:
“We are delighted to have advised and structured the acquisition of this well-known Glasgow city centre office building for one of our private clients.
The property delivers an attractive income stream until 2030 whilst also offering numerous asset management possibilities to enhance value in the long term.
“The acquisition is in line with our business model of offering a comprehensive one-stop shop service to our clients.”
Douglas Binnie, associate at Knight Frank Glasgow, added:
“The deal for 158-160 underlines the fact that Glasgow continues to attract international investment – particularly with this acquisition representing IIG’s first deal in Scotland.
“Our research last month showed that, despite the obstacles presented by the pandemic, nearly half of investment in Scottish commercial property came from overseas buyers – a trend we expect to continue in what could be a busy end to 2021.”