Iconic building on famous Glasgow thoroughfare hits market for £11.5 million
“McLellan Works represents a rare opportunity to acquire a modernised, design-led building in one of Glasgow’s most dynamic locations” – Andrew Shiells, CBRE
An iconic building in the heart of Glasgow has been brought to the market with a price tag of £11.5 million.
McLellan Works on Sauchiehall Street extends to 44,240 square feet and has undergone extensive refurbishment and renovation, transforming the building into a “modern, fully electrified premises with market-leading sustainability credentials”.
Property advisor CBRE has now been appointed by property owner Bywater to bring the “prime mixed-use investment opportunity” to the market.
The property provides retail and leisure space across the basement and ground floor with frontage directly onto Sauchiehall Street, and office accommodation across the upper three floors. CBRE said offers in excess of £11.47m were being sought.
Andrew Shiells, senior director, CBRE Capital Markets Scotland, said: “McLellan Works represents a rare opportunity to acquire a modernised, design-led building in one of Glasgow’s most dynamic locations.
“With its strong tenant line-up, excellent sustainability credentials and secure income profile, it offers investors attractive initial returns with potential for future growth in a city that continues to demonstrate robust occupier demand.”
The property is multi-let to a diverse range of occupiers including housebuilder Cala Homes (West), Spencer Ogden, Telus Health, Black Sheep Coffee and the British Heart Foundation, alongside popular operators such as Sprigg, Hinba and Bee Inspired Clothing.
Property experts noted that the landmark building was “prominently positioned” on Sauchiehall Street between Rose Street and Dalhousie Street, and benefited from “excellent transport connectivity”, with Queen Street Station, Central Station, Buchanan Bus Station and Charing Cross all within a ten-minute walk, as well as a new cycle lane immediately outside the building linking into the national cycle network.
The surrounding area, which has seen its retail offering suffer amid the cost-of-living crisis and shift to online shopping, is undergoing further transformation, with major student accommodation and mixed-use schemes under development, alongside the recently completed £5.7m pedestrianisation of Sauchiehall Street.
Patrick O’Gorman, chief executive of Bywater, said: “McLellan Works represents everything we stand for at Bywater; creative reuse, community impact and future-facing design. Sauchiehall Street is undergoing a remarkable transformation, and we’re proud to have played a role in bringing this iconic building back to life.
“With its strong tenant mix, low-carbon design and vibrant location, McLellan Works is a standout investment opportunity in one of the UK’s most exciting cities,” he added.
In a separate property deal just announced, AM Sci Tech, a subsidiary of Hurstwood Holdings and owner of Aberdeen Energy & Innovation Parks, has secured a key letting at the Energy Park in Bridge of Don.
Rental Technology & Services (RTS), an international provider of advanced electronic equipment and engineering services for the subsea industry, has signed a ten-year lease for the former Weatherford site, now known as The Horizon Centre. AM Sci Tech acquired the 7.23-acre site earlier this year, of which 1.41 acres have now been leased to RTS.
Gordon Pirie, asset manager at Aberdeen Energy & Innovation Parks, said: “The acquisition of this site was a fantastic addition to Aberdeen Energy Park and we are delighted to have concluded a high-quality letting in just over six months.”
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