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GLASGOW-Dutch investor Haslemere Estates has sold Royal Exchange House on Queen Street, Glasgow to an in-house client of CB Hillier Parker Investors for £10.70 million ($15.7 million).

The 53,000 sf mixed use office/retail building occupies a prominent corner site overlooking Royal Exchange Square. It comprises five ground floor shops with six floors of offices let to tenants including O’Briens, TMP Worldwide, Abbey Life, Clydesdale Bank, National Consumer Council and Gerrard. The total rental income £840,000 ($1.23 million) per annum with rent reviews outstanding.

Campbell Docherty of CB Hillier Parker said: ‘The investment characteristics fitted exactly with our in house fund requirements in terms of yield and tenant profile and with the rents in the region of £13 – £14 ($19.00 – $20.50) per sf, scope for future rental growth is anticipated.’

CBHP Investors acted on behalf of the purchaser. Jones Lang LaSalle acted on behalf of Haslemere Estates.

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