Housebuilder Mactaggart & Mickel Group has agreed a new 10 year lease on its Glasgow-based headquarters at 1 Atlantic Quay.
The company has an established history in Glasgow and the new lease agreement signals its long term commitment to do business in the city. The total value of the deal is £4m over the 10 years. The fourth-generation family business is also investing £400,000 to refit the office space.
Property group Moorfield and joint venture partner Resonance Capital acquired the Grade A office building in September 2015 along with neighbouring 2 and 3 Atlantic Quay. The company has recently commenced a programme of investment into the properties.
Mactaggart & Mickel Group was advised on the transaction by Dornan & Co.
Andrew Mickel, director at Mactaggart & Mickel Group comments: “Glasgow is very much home for Mactaggart & Mickel Group so we were pleased to conclude the renewal of the lease. The 10 year agreement does not include a break clause, marking a clear sign of our commitment to continue to operate in the city.
“The sector has undergone a period of political uncertainty but, as we move into our tenth decade in business, we are confident in the long term performance of the UK property market and continue to plan for business growth.”
Mark Holmes, Asset Manager, Moorfield, said: “Mactaggart & Mickel’s commitment to remain in Atlantic Quay 1 is an endorsement of the quality of the complex and its location in the City’s business district. Alongside our joint venture partner Resonance Capital, we are investing in a multi-million pound refurbishment and improvement programme that will upgrade Buildings 1, 2 and 3 into a unique ‘Grade A’ office complex that fronts the River Clyde.”
Angela Higgins of Resonance Capital added: “We are pleased to announce that we have agreed a 10 year lease renewal with Mactaggart & Mickel on 17,000 sq ft of office space. As one of the country’s most successful housebuilders this is excellent news for Atlantic Quay and for the City. The evolution of Atlantic Quay is now underway and we aim to realise the complex’s full potential as a destination waterfront location.”
For more information on Mactaggart & Mickel Group visit www.macmicgroup.co.uk