Town Centre Securities Sells Major Glasgow City Centre Investment
The prominent mixed-use scheme in Sauchiehall Street, located close to Buchanan Galleries, generates more than £1m of rental income a year. The acquisition of Empire House is the third property George Capital has bought from TCS in Glasgow since the beginning of 2016.
Town Centre Securities (TCS), the leading investment and property development company, has completed the sale of Empire House in Glasgow to George Capital for £17.5m.
Occupiers of Empire House include Halifax Bank, Bella Italia, Starbucks and property information company CoStar.
Built in 1971, Empire House stands on the site of the historic Glasgow Empire Theatre, which was demolished in 1963, and consists of office and retail space.
Edward Ziff, Chairman and Chief Executive of TCS, said: “The sale of Empire House forms part of TCS’s strategy to reduce our investment activity in Scotland. This comes as we proactively increase our presence in London, around the M25 corridor and other core cities across the UK.”
Ben Young, of George Capital, said: “Empire House is a prominent and well-located building in Glasgow and will add to our existing adjacent investments.”
TCS was represented by Harmer Ray Hoffbrand and Sheridan Property Consultants. George Capital was advised by CBRE.