Chivas Brothers toasts a dram good property deal in the heart of Glasgow
Published Date: 13th December 2018
Photo credit by Alan McAteer
GVA and Graeme Faith & Co have secured a deal which will see leading Scotch whisky business Chivas Brothers let the entire building at 2-4 Blythswood Square, Glasgow.
Acting on behalf of the landlord, Local Authorities Mutual Investment Trust (LAMIT) c/o CCLA Investment Management Ltd, GVA alongside joint agents Graeme Faith & Co has agreed terms with Chivas Brothers which will see the company take a 16 year lease. The property encompasses 27,558 sq. ft. of fully refurbished Grade A office space overlooking the famous gardens in Blythswood Square.
Chivas Brothers was represented by Gerald Eve and will relocate its office functions from its site in Paisley to 2-4 Blythswood Square. It is part of a wider programme of investment by the company which is also relocating its bottling operations to Dumbarton.
Michael Facenna, Associate in GVA’s Glasgow office who acted for CCLA said: “Securing a prestigious business such as Chivas Brothers for 2-4 Blythswood Square is an outstanding result for our client. They have secured a first-class occupier for the whole building on a long-term basis, whilst the tenant benefits from having staff members based in high quality modern accommodation in one of Glasgow city centre’s most prestigious business addresses.
“The Glasgow office occupier market is coming off the back of a record-setting quarterly performance with approximately 614,000 sq. ft. of take up between July and September. Whilst this has been underpinned by some substantial deals to Barclays and HMRC, we are still seeing healthy levels of demand in the city for requirements above 10,000 sq. ft.”
Vincent Turpin, Chief Financial Officer at Chivas Brothers said: “The leased building at 2-4 Blythswood Square fits our requirements for a modern, strategically located office space in the heart of Glasgow, a place of business excellence, a home of innovation and a cultural centre. The prestigious office address in this vibrant city is the perfect home for our premium Scotch brands and our Scottish based office staff.”
GVA’s latest Big Nine report in to quarterly office take-up revealed that the Glasgow city centre market was already twice the annual average with three months of the year to go.