Tay House, Glasgow
Acquired in January 2004, Tay House is a major landmark office development extending to approximately 157,000 sq ft over six floors. Tenants include Barclays Bank, The Royal Bank of Scotland, Criminal Injuries Compensation Agency, BERR & Eaton Limited.
Since acquisition, by way of active asset management, two tenant break options have been withdrawn by negotiation significantly enhancing the investment value.
By way of further asset management initiatives, Eaton were released from 50% of their space which was immediately re-let to Barclays at a new rental high for the building thereby establishing new rental evidence.
Rental values have been increased by 20% since acquisition and currently a comprehensive refurbishment programme of the building is ongoing.
The Company's philosophy is to work closely with their customers and develop relations for mutual benefit. In this regard, by way of regular tenant meetings, tenants' concerns as to security were immediately addressed by the introduction of improved security measures.
All asset management is undertaken in-house to include the invoicing and collection of rental and service charge income, direct employment of building management staff and management of service charge expenditure.