Commercial building, Retail and Leisure

Recladding & External Refurbishment

Investment Summary

167-203 Argyle Street, is a mixed use building located in the heart of Glasgow. The asset is part owned by Glasgow City Properties and held under a long leasehold title expiring in 2119, the other part is held Feuhold (Scottish equivalent to an English freehold). The building extends to approximately 140,000sqft, 80,000sqft is leased to retail/leisure occupiers and 60,000sqft is currently vacant with redevelopment potential. The current annual rent roll is £1,642,101.

During 2016/17 the external cladding system started to fail and the entire Argyle & Jamacia Street facades had to be netted for health & safety reasons. At this point a full design team was appointed to investigate a solution for the building’s cladding. Three final solutions were presented to Glasgow City Council’s planning team, their preference chosen, and a planning consent secured. The project cost was set to be funded by the buildings service charge (including window refurbishment) was £2,000,000.

Asset Management Highlights

  • Detailed liaison with assets occupiers (7 businesses) on this planned £2,000,000 service charge funded project.
  • Secure planning consent for the project.
  • Secure Landlord’s consent to the façade solution.
  • Oversee the final detailed design, tendering process and contractor appointment.
  • Over the 18 month contract period, continued liaison with occupiers; on programme, potential disruption & budget funding.
  • All retail occupiers successfully traded throughout the contract period.
  • Overcome challenges of managing the project during the Covid pandemic & multiple national/regional lockdowns.