A townhouse in the centre of Glasgow’s business district has changed hands in a seven-figure deal after being snapped up by a major speculative development and construction firm.
6/7 Blythswood Square comprises 16,200 sq. ft and has been sold for £2.45m to Marshall CDP. The buyer was not put off by the legend that the corner townhouse is haunted by Madeleine Smith, a woman who stood trial accused of poisoning her lover with arsenic at the address in the 1850s.
GVA acted for the seller whilst Paul Hamilton Chartered Surveyors represented Marshall CDP, who will be working with local development partners HKI.
Alison Taylor, Senior Director for Business Space at GVA, said: "Despite being vacant for several years the sustained level of interest in the building and intense competition for Grade A space in Glasgow made a sale inevitable. Enquiries came in for a number of end uses including hotels, office and residential.
"The price represents a capital rate of about £150 sq ft. This is an increase from under £100 per sq. ft. on sales of similar townhouse properties in the city that we have been involved in recently. However at present the Glasgow market remains undervalued and offers good value to investors."
"Given the lack of Grade A stock coming through and the loss of office space to other uses in the city’s central business district, we expect a high-level of interest in the neighbouring 2-4 Blythswood Square, which has recently undergone a refurbishment."