Hamilton Capital Partners (HCC) has sold the Ca’d’oro, one of Glasgow’s best-known office blocks, to an unnamed overseas investor for £14.1m.
HCC, which was launched in 2009 by Direct Holidays founder John Boyle and former PricewaterhouseCoopers accountant Andrew Lapping, bought the building from insurance firm AXA in 2013 and has since spent £1.6m refurbishing the Grade A-listed icon.
Patrick Ford, a partner at property consultancy Knight Frank, which has managed the site since 2013, said: “The Ca’d’oro deal demonstrates the high level of demand from overseas investors, which is becoming increasingly relevant as Glasgow’s and Scotland’s investment environment evolves into a truly global market. “Traditionally we’ve seen German and North American money coming into the city, but now we’re receiving more interest from the Middle East, Israel and other parts of Asia.”
The Ca’d’oro – or “house of gold” – was built in 1872 as a shopping arcade and furniture warehouse before becoming a ballroom and restaurant in the 1920s.
It was gutted by fire in 1987 but was reinstated by its then owner, the Co-operative Group.
The Co-op is still one of the building’s tenants, alongside Atos IT Services and law firm