MCR Property continue Scottish expansion with £6m refurb contract
MCR Property Group has acquired its second multi-let business complex in Scotland as it continues its drive to expand rapidly north of the border.
The property developer is investing £6 million in the Pentagon Business Centre, to create a modern, comfortable home for well over a hundred businesses. MCR Property chose to retain all staff in place and created ten additional job roles.
The historic six-storey building at 36 Washington Street overlooks the River Clyde and sits at the heart of Glasgow’s financial district. It was constructed over 120 years ago as a whisky bond, a type of bonded warehouse where the bottles were stored before duty was paid. MCR is modernising the building with high-quality fittings, and positive results are already apparent with the building’s occupancy increasing by 18%.
The acquisition is part of MCR’s ambition to purchase over 100 commercial and industrial properties over the next three years, including development sites. Investments will typically range from £1m to £10m, though higher valuations will be considered.
The Pentagon Business Centre offers 95,000 sq ft of flexible licence office space with prices starting at £15 per sq ft, including meeting rooms, an expanded coworking lounge and 14,000 sq ft of studio space for Glasgow’s creative industries. The Pentagon houses 138 office units, 10 studios, five meeting rooms, three breakout rooms and one large coworking lounge. Tenants can adapt their spaces to the changing needs of their business. It also comes with its own 30,000 sq ft self-storage facility attached. This will be known as Pentagon Self Storage, offering 424 storage units for business and private use.
Pentagon is just a 10-minute drive from the Merlin Business Centre at Hillington Park, the first multi-use business site purchased by MCR earlier this year. The development is ideally situated with phenomenal transport links. It sits just a few minutes’ walk from Glasgow Central and Anderston railway stations, and a moment’s walk from the banks of the River Clyde. The surrounding area is being rapidly developed with new residential projects, which will draw thousands more workers into the immediate area.