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News Release

Glasgow

Charlotte House sold to joint venture in £5m deal


Glasgow, 5 July 2012 - Curo Property Funds LLP in a joint venture with SCOT Sheridan has purchased Charlotte House in the heart of Glasgow City Centre for £5m with plans to fully refurbish the building.

Jones Lang LaSalle sold the 12 storey office building to the property management and development firms on behalf of LaSalle Investment Management.

Charlotte House is prominently located on the east side of Queen Street in Glasgow. The 1960s office building has excellent communication links with close access to Queen Street and Central Railway Stations, as well as surrounding bus routes. Glasgow’s premier shopping district of Buchanan Street and Argyle Street can be accessed by a two minute walk from the building.

The building is in need of significant refurbishment to meet the demands of modern day office occupiers, however it is understood the purchasers intend to convert the building into a hotel.

The building includes a number of attractive features such as excellent natural daylight, suspended ceilings (in part), commissionaire manned reception, 38 secure car parking spaces, and stunning views across Glasgow from the upper levels.

Ross Burns, of Jones Lang LaSalle’s Glasgow office, said: “There was strong demand for the property with 15 bids received demonstrating there is appetite and funding for some projects.”

Ryden acted on behalf of the purchaser.