November 2006 - City Park Glasgow Acquired for £63.25 Million

City Park, Glasgow, the 300,000 sq.ft. office development by joint venture partners Elphinstone and Earthquake Property Partners, funded by Irish Nationwide, has been sold for £63.25 million  The headline purchase price reflects an initial yield of 6.50%.

The award winning development has been acquired by Rock City Park Jersey Unit Trust, a fund created by Rock Capital Group, the specialist real estate fund management boutique.

A vibrant and thriving office development, City Park has top quality occupiers, created 3,000 new jobs and made an enduring positive economic and environmental contribution to the surrounding community. Tenants include Dell Corporation Ltd, Aggreko, Scottish Gas, Halcrow, Carl Bro, NCH, Glasgow Housing Association, Homebuy Group plc, Scottish Enterprise and SAGA 105.2 fm. 

By applying innovative and creative thinking Elphinstone breathed new life in to this important Grade B listed building and secured its long-term future as an attractive and credible location for businesses.  The 67,000 sq.ft. floor plates and facilities including a 24 hour gym, shop, breakout areas and conference facilities, provide tenants with attractive, flexible office space and an excellent working environment.

Rob Silvester, Property Director at Rock Capital Group, comments: We are delighted to have acquired this award winning building, and feel confident that the development provides excellent opportunity for growth.

Ken Ross, Chief Executive of Elphinstone said, We are pleased that the building has gone to a major UK player. Creating City Park has given us an immense amount of satisfaction.  Our vision was always to create something special within this iconic building. 

The success of the building relied upon good commercial property expertise, the right vision and a strong innovative team.  The tenants, recent industry awards and the purchase by Rock Capital Group endorses our initial vision.

DTZ Scotland acted for the vendor and DTZ London acted for the purchaser.