A recently refurbished office block in Glasgow, occupied by the Daily Record owner Reach and Sky, has become the sixth major transaction along one of the city’s main commercial thoroughfares in the space of 18 months.
The offices at the corner of Douglas Street and Waterloo Street have been acquired by HKIP in a deal handled Knight Frank, while CBRE represented the seller.
A comprehensive refurbishment provided 85,099 sq ft of Grade A office accommodation over six storeys. HKIP said it plans to carry out enhancements to the common areas and amenities, further improving the building’s offering.
The deal is the latest in a series of office sales on Waterloo Street since the beginning of 2025. In that time, Sentinel, Central Exchange, Atrium Court, Alhambra, and 58 Waterloo Street have all changed hands for a combined £63 million.
Douglas Binnie, capital markets partner at Knight Frank Glasgow, said: “55 Douglas Street is a great value‑add opportunity in the heart of Glasgow.
“The building has already undergone a high‑quality refurbishment and, with further enhancements planned, it offers immediately available space at a time when Grade A supply is highly constrained in the city centre.
“That is one of the reasons why we have seen so much activity on Waterloo Street over the last 18 months, as more investors look to capitalise on that trend. Under its new owner, 55 Douglas Street is well positioned to meet the needs of a range of occupiers and capture the growing appetite for flexible, best‑in‑class workspace in Glasgow.”
A spokesperson for HKIP said: “55 Douglas Street represents exactly the type of opportunity we are looking to acquire – a high-quality, well-located building where we can see a clear route to creating further value through active asset management.
“The building has benefited from significant recent investment and provides excellent Grade A accommodation at a very competitive entry price, and we plan to enhance its offering even further.
“With an established occupier base alongside good-quality space immediately available to let, we believe it is particularly well positioned to benefit from the continued flight to quality we are seeing across the Glasgow office market.
“We remain very positive about Glasgow city centre and believe the combination of the building’s location, specification, and occupational flexibility gives us a strong platform from which to drive further leasing activity and enhance the asset over the coming years.”
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