Glasgow city centre building sold for £9.3m

A Glasgow office building, which is set to be demolished, has been sold for £9.3m.

Real estate investment trust Aew UK Reit announced over the weekend that it had sold the property at 225 Bath Street.

Plans to demolish the building and construct new student accommodation were approved earlier this year.

Laura Elkin, portfolio manager, AEW UK REIT plc, said: "As the culmination of a long running business plan, we are delighted to see this sale complete.

The old office on Bath Street.

“The disposal not only maximises the value of the asset but will increase occupancy levels across the remaining portfolio, reduce running costs and boost earnings, once capital is reinvested.

“The proceeds from the sale are already under offer to assets in exclusivity and, as such, we expect to make further purchase announcements in the coming weeks."