£38m St Vincent St block sold by Aviva to Longmead

Longmead Capital has bought the office building at 123 St Vincent Street in central Glasgow from Aviva for £37.8 million in one of the largest property deals in the city this year, according to a report by trade publication Property Week.

The deal is Longmead’s first in Scotland and represents a yield of 7.57%.

The sale saw the office going for £280 per sq ft, according to the report.

The building provides 134,517 sq ft of office space over nine floors and is fully let to institutional-grade tenants including KPMG, The Secretary of State for Communities and Local Government, and Hutchinson 3G.

Annual net income on the building stands at £3 million.

The report said the steel-framed heritage building was redeveloped by Scottish Mutual in 2000, preserving the three listed façades and adding a full glazed façade behind the existing infrastructure.

Three of the floors were refurbished in 2015.