McLellan Works acquired by new Longstock fund – Daily Business

New owner: McLellan Works

McLellan Works, an office, retail and leisure space in Glasgow city centre, has been acquired by Longstock Capital.

No deal price was disclosed but the building in Sauchiehall Street was put up for sale last September with an £11.5 million price tag.

It has been funded by Longstock Office Investment Club, which is committing more than £100m to acquiring high quality office assets across the UK.

McLellan Works comprises 44,200 sq ft of space. Originally part of the Mclellan Galleries, it is currently home to Cala Homes (West), Spencer Ogden, Telus Health, and British Heart Foundation, as well as Sprigg, Hinba and Bee Inspired Clothing. It was marketed by CBRE on behalf of Bywater.

Dentons advised Longstock on setting up the recovery fund. Tristan de Souza, partner at Longstock Capital, said the fund would be investing into “what we believe is a highly attractive market opportunity.

“We are particularly pleased to have worked with the Dentons team on the acquisition of McLellan Works, whose commercial and pragmatic advice was instrumental in helping us successfully execute the transaction.”

Owen McLennan, investment funds partner at Dentons, said: “It has been a pleasure to support Longstock Capital on the successful first close of LOIC and its initial investment.

“This fund reflects a clear and compelling strategy to capitalise on opportunities in the UK office sector, and we look forward to seeing the platform continue to grow as it deploys capital across the market.”

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