The property is let to Tesco and Browne Dental Group at ground floor level with seven upper floor offices let to a variety of tenants.
The asset was identified and acquired in an off-market transaction for 4.50m exclusive of VAT.
The acquisition follows the purchase of The Athanaeum located on Nelson Mandela Place in the centre of Glasgow for around 11m. Mark Kingston, Managing Director at Topland said:
We are pleased to have bought Portland House which follows our strategy of acquiring well located CBD assets. We now have several key investments in Glasgow city centre and look forward to implementing our asset management strategy.
Will Sandwell of Galbraith commented:
We are delighted to have identified this off-market opportunity for Topland, the transaction is a great example of our client led approach to investment agency and we look forward to seeing the building perform for Topland.
Galbraith advised Topland while Ryden represented the vendor Kewbrook Ltd, a subsidiary of Stockbourne Group Ltd.