Leslie Wolfson acts on £17.5m sale of Empire House in Glasgow

The prominent mixed-use scheme in Sauchiehall Street, Glasgow, is located close to Buchanan Galleries, and was acquired by George Capital for £17.5 million.

The scheme generates more than £1m of rental income a year and comprises seven retail units with tenants such as Starbucks, Body Shop, Bella Italia, Halifax and property information company CoStar.

TCS is a Leeds-based listed property investment and development company with assets of approximately £375m. The sale of Empire House is the third property in Glasgow sold by TCS to George Capital since the beginning of 2016. Leslie Wolfson acts for TCS in relation to its Scottish portfolio.

Senior partner, Howard Beach, said: “Despite the prevailing political uncertainty surrounding the Scottish government’s position on independence there are always opportunities for property investors and we were delighted to conclude this significant and complex deal on behalf of our long-standing clients.

“The firm has a significant number of English-based property investor and developer clients and the recent election results should offer some comfort to them now that the threat of Scottish Independence must be a distant prospect for the foreseeable future.”