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BAM offload Connect110ns to Deutsche AWM for £70m

September 30 2014

BAM offload Connect110ns to Deutsche AWM for £70m
BAM Properties has announced the sale of its under construction Connect110ns office block to Deutsche Asset & Wealth Management for £70m, a healthy return on the £50m it has sank into the build (including a £9.6m loan from the Scottish Government).

The block, situated at 110 Queen Street, has been designed by Cooper Cromar and is scheduled for completion in June 2015. It will offer 143,000sq/ft of space over eight floors together with 19,000 sq/ft of ground floor retail.

Law firm Brodies and chartered accountancy firm Grant Thornton have already agreed to take 40,000sq/ft of this space.

John Burke, managing director properties, BAM Construct UK, said, “BAM was the first developer to return to the commercial market in Glasgow. The support of £10m investment from the SPRUCE Fund was instrumental in going forward and we are delighted that we have delivered on that investment. The high level of interest from top class companies vindicates our decision to develop and we are delighted that the building has attracted an international investor of the calibre of Deutsche AWM.

“BAM Properties will continue to partner with DeAWM to manage the building through to completion and full occupancy. We expect to announce further lettings shortly.”

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