Towering Glasgow building that featured on Scottish banknote sold for £22 million

A landmark Glasgow office building has changed hands in a major city investment deal understood to be in the region of £22 million.

Clydebuilt II Limited Partnership (CLP II), a joint venture between Scottish property company Ediston and Strathclyde Pension Fund, has acquired Central Exchange at 20 Waterloo Street from an undisclosed seller, thought to be BNP Paribas Real Estate Investment Management.

Located in the heart of the city’s central business district (CBD) at the corner of Waterloo Street and Wellington Street, the building spans more than 95,000 square feet across nine floors and also provides 33 car parking spaces. It features a double-height reception foyer. The property is currently multi-let to Hymans Robertson, Ashurst, Associated Newspapers and Aberdein Considine.

Central Exchange is located in the heart of Glasgow's central business district at the corner of Waterloo Street and Wellington Street. Picture: McAteer Photograph

Property agents said that Central Exchange, which was developed in 2003, combines an “exceptional” city centre office location with a clear strategy to reposition it back to “best in class quality”. Regarded as a city centre landmark, it has even featured on a Clydesdale £20 note during its time as the bank’s main Glasgow headquarters.

The acquisition closely follows Clydebuilt II Limited Partnership’s purchase of Sentinel, an 84,095 sq ft multi-let office at 103 Waterloo Street. The acquisitions are said to highlight the growing appeal of “well-located, quality offices” in Glasgow’s core market.

Fund manager Calum Bruce said: “Central Exchange provides the fund with both a robust income stream and an excellent repositioning opportunity in a supply constrained market. The prime location in Glasgow’s CBD merits a high-quality office refurbishment, which we will deliver to meet the needs of modern occupiers.”

“The acquisition complements our purchase of Sentinel and underscores our confidence in Glasgow’s office market.”

Stuart Low, investment partner at property consultancy Ryden, added: “It has been a pleasure working with Ediston on the acquisition of Central Exchange. The asset aligns seamlessly with CLP II’s strategy of well-located, value-add office investments. Ediston continues to strengthen its presence in Glasgow’s office market, a sector Ryden expects to go from strength to strength.”

Ryden acted on behalf of Clydebuilt II Limited Partnership. CBRE and Acre Capital acted for the vendor.

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