Addleshaw Goddard has successfully advised Mapeley Investment Group in the sale of Portcullis House – a prominent building in Glasgow city centre – to leading developer and manager of residential units, Watkin Jones.
As one of the largest deals in the Glasgow market post Covid, the deal was managed by the Addleshaw Goddard real estate team in Glasgow with Partner, Paul Ockrim and Managing Associate, Dominic White leading the transaction.
Located at 21 India Street, Portcullis House occupies a substantial site of 0.826 acres and comprises approx. 99,782 sq ft. Watkin Jones are proposing to transform the building into a 750-bed build to rent (BTR) offering, as well as creating a co-working hub with communal amenities.
With completion expected in 2024, the refurbishment forms part of wider regeneration proposals within the nearby Charing Cross and Sauchiehall Street areas.
Dominic White, real estate managing associate at Addleshaw Goddard, said: “Portcullis House is one of the most significant deals within the Glasgow market this year and it comes at an important time for the city. Our expertise in this sector enabled a seamless transaction for the team at Mapeley."
“Addleshaw Goddard is continuously expanding its portfolio of advising on high-profile real estate deals in Scotland. We’re pleased to see another successful deal complete and look forward to enabling more activity as new developments within the city come to fruition.”
Paul Ockrim, real estate partner at Addleshaw Goddard, said: “The sale signifies the appetite from developers who continue to recognise Glasgow as a city that boasts a magnitude of investment opportunities.
“The past six months have undoubtedly been a testing time for the real estate market across Scotland. However deals such as Portcullis House suggest that growth and increased activity are on the horizon again. Job opportunities created through such developments are ever more important given the current and likely ongoing recession and I’m positive that the market will continue to accelerate as we settle into a new normal.”