German Fund Buys Iconic Bank Building

01 Nov 2010

German real estate fund SEB Europe REI has purchased 110 St Vincent Street, one of Glasgow's most iconic office buildings from Scarborough Group for an undisclosed sum.

Located in the IFSD, the Grade A building, leased to Bank of Scotland was designed in the 1920s by renowned architect James Miller and redeveloped in 2007.

Behind its elegant classical exterior, 110 St Vincent Street is a prestigious nine-storey contemporary office building covering 8,927 sq metres, featuring the original ground floor banking hall with its imposing columns and glass roof.

Steven Newlands, Partner, Capital Markets Group at Cushman & Wakefield, secured the building for SEB Europe REI despite fierce competition from a number of parties. He said: "110 St Vincent Street is a real trophy property as it is not only one of the most architecturally striking buildings in the city but is also in a prime location with a first class tenant. Bank of Scotland still has 12 years left on the lease so the building represents an excellent investment for SEB."

Redpath Bruce and CBRE acted on behalf of Scarborough Group.