50 Waterloo Street, Glasgow, G2 6HQ

Atrium Court, Glasgow

Asset description

Originally constructed in circa 1900, Atrium Court comprises a modern office building developed in 1988 behind a striking retained category A-listed retained façade, providing attractive heritage and history credentials. The property is arranged over basement, ground and five upper floors, and is set around an imposing full height atrium. The property has been well maintained by the current owners who, in 2023/24, undertook significant repairs and maintenance to the stonework facades at a cost of £1.3m. Additionally, the current service charge budget includes funds for the replacement of boilers and chillers together with planned roof works.

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Attributes

Asking price

CA$23,152,000

Cap rate

10.87%

Building area net

9,663 sm

Occupancy

83%

WAULT

1.9 years

Year built

1900

EPC

Grade B

Tenure

Freehold

Media

Investment highlights

Rare opportunity to acquire a high-profile landmark office building on Waterloo Street, one of Glasgow’s best business addresses.
Glasgow is the largest city in Scotland with a population of 635,000, increasing to 1.84 million people within the Greater Glasgow conurbation.
Atrium Court is prominently positioned within the CBD just 160 yards from Glasgow Central Station, Scotland’s largest and busiest railway station.
The property comprises a 104,015 sq ft modern office building behind a striking facade, arranged over ground and five upper floors.
Large and flexible floor plates benefiting from excellent natural light, allowing for ultimate letting flexibility.
High quality tenant line-up including Scotrail Trains and Scottish Enterprise.
Total passing rent of £1,507,576 per annum reflecting an extremely low rate of £17.45 per sq ft.
Weighted average unexpired lease term of 1.9 years, providing the opportunity to realise significant near-term reversion.
Potential to secure vacant possession in the short-medium term and refurbish the building as a best-in-class office to take advantage of the severe lack of Grade A supply in Glasgow, where prime rents are currently £39.50 per sq ft.
Scotrail Trains and Scottish Enterprise have expressed an interest in lease extensions and/or restructuring.
Atrium Court also has strong redevelopment potential for a variety of alternative uses including PBSA, BTR, residential and hotel.
Heritable Interest (Scottish equivalent of English freehold).