Alinor Capital Management and Sterling Property Ventures have announced the acquisition of The Bond, a newly refurbished office building in Glasgow, in a deal valued at more than £15 million. Located on Queen Street, the property was formerly occupied by Clydesdale Bank and offers 145,130 square feet of mixed use space, including around 16,500 square feet of ground floor retail and over 128,000 square feet of office space across seven floors, along with a basement car park.
The building has recently undergone an £8.8 million refurbishment that restored its Baroque style façade while upgrading internal facilities. Improvements include a new reception area, meeting rooms, café, tenant lounge, wellness features, and commuter amenities. Office spaces on the first and second floors have been enhanced to Grade A specification and the property has achieved an EPC A rating, positioning it as a high quality commercial asset in Glasgow’s office market.
Alinor is a fundamental, value-oriented investment firm specialising in European alternative credit with a flexible mandate that extends to hard assets including real estate.
Sterling is a niche London-based asset management and development business with approximately £600m of assets under management, including single asset and portfolio mandates.
Alinor Capital Co-Founder and Partner Alex Mahler said: “We are very pleased to have completed the acquisition of The Bond. As the “flight to quality” continues, demand for best-in-class space is outpacing supply. The opportunity to work with a first-class operator such as Sterling to acquire, upgrade and re-let a core asset like The Bond represents a compelling investment opportunity in the current environment and reflects a strategy that is a key focus in our pipeline.”
Sterling Managing Director James Howarth said: “We have a track record of delivering best in class workplaces, focused on providing flexible solutions for occupiers and creating better working environments for their staff, improving efficiency and retention. We have exciting plans to transform The Bond and are delighted to be collaborating with Alinor on this investment.”
Commercial property consultants Ryden advised on the purchase, with Savills acting for the vendor.
