Custodian Property Income REIT announced the sale of an office building in Glasgow’s George Square for £6 million, representing a 24% premium to the September 30, 2025, valuation.

Monteith House, in George Square is fully let to a single tenant — Skills Development Scotland — with an annual passing rent of £500,000.

Custodian Capital Limited MD Richard Shepherd-Cross said: “We have received a healthy level of income on this property for the period of our ownership.

“With less than five years remaining on the current lease and some uncertainty regarding renewal with the existing tenant, we believe that without significant capital expenditure, this asset has limited scope for future rental growth.

“Due to these factors, we felt that now is the right time to sell and crystallise a 24% premium to the 30 September 2025 valuation, demonstrating our ability to complete sales above book valuation, as well as the continued demand for well-located office assets.

“We expect to use the proceeds to repay variable rate debt, aligning with our strategy of providing shareholders with strong income returns.”