Picton Property Income has announced the acquisition of 180 West George Street, a multi-let office investment in Glasgow (pictured), for £14.25m. The acquisition reflects a net initial yield of 7.8%. The property, which was constructed in 2000, provides 52,100 sq ft of office accommodation over basement, ground and six upper floors and is located in the heart of Glasgow’s central business district. It is fully let and produces a net rental annual income of £1.18m, equivalent to an average rent of under £23 per square foot. The current occupiers include TSB Bank, Standard Life and Michael Page and the weighted average unexpired lease term is 2.4 years.
Picton Acquires 180 West George Street Glasgow : PCTN