Located in the heart of Glasgow’s CBD at the corner of Waterloo Street and Wellington Street, the building is less than 100 metres from Glasgow Central Station. Spanning 95,174 sq ft across nine floors and offering 33 car parking spaces, it boasts an impressive double-height reception foyer.

With an EPC ‘A’ rating, the property is currently multi-let to Hymans Robertson, Ashurst, Associated Newspapers and Aberdein Considine.

Developed in 2003, Central Exchange combines an exceptional city centre office location with a clear strategy to reposition it back to ‘best in class’ quality. Regarded as a city centre landmark, it has even featured on a Clydesdale £20 note during its time as the bank’s main Glasgow headquarters.

The acquisition closely follows CLP II’s purchase of Sentinel, an 84,095 sq ft multi-let office at 103 Waterloo Street, which completed in August. These acquisitions highlight the growing appeal of well-located, quality offices in Glasgow’s core market.

Calum Bruce, Fund Manager of CLP II said: “Central Exchange provides the Fund with both a robust income stream and an excellent repositioning opportunity in a supply constrained market. The prime location in Glasgow’s CBD merits a high-quality office refurbishment, which we will deliver to meet the needs of modern occupiers.”

“The acquisition complements our purchase of Sentinel and underscores our confidence in Glasgow’s office market.”

Stuart Low, Investment Partner, Ryden, added: “It has been a pleasure working with Ediston on the acquisition of Central Exchange. The asset aligns seamlessly with CLP II’s strategy of well-located, value-add office investments.

“Ediston continues to strengthen its presence in Glasgow’s office market, a sector Ryden expects to go from strength to strength.”

Ryden acted on behalf of Clydebuilt II. CBRE and Acre Capital acted for the vendor.