Lismore advise on the sale of BT, Dundee & STV, Glasgow

Lismore Real Estate Advisors have advised LondonMetric on the sale of STV’s media HQ located at 4 Pacific Quay, Glasgow and BT’s newly developed HQ building at 2 Greenmarket, Dundee, to Remake Asset Management.

2 Greenmarket, Dundee extends to 85,447 sqft and is let to BT plc for a further 17.5 years at an initial rent of £1,712,384.90 pa subject to annual CPI collared and capped 1%-3%.

4 Pacific Quay, Glasgow, extending to 60,779 sq ft, is let to STV Central Limited for 17 years at a rent of £1,025,000 pa subject to fixed uplifts of 1.5% pa compounded 5 yearly.

The price of £36.6m reflects a blended net initial yield of 7%.