TAY House, the office block overlooking the M8 motorway in Glasgow city centre, has been leased by Regus, the international workspace specialist, writes Scott Wright. Regional REIT, the real estate investment trust which owns the building, said Regus has agreed a 10-year turnover lease for the entire second floor, spanning close on 30,000 square feet. The deal comes shortly after a £2.5 million project to refurbish the vacant first and second floors of the building. Regus is currently fitting out the space ahead of its move into the building, where it intends to roll-out its recently developed Spaces concept, in February. It will mark the first appearance of the model outside London. Spaces targets occupiers looking for flexible deals, including co-working space, virtual office services and rooms which can be booked by the hour. Stephen Inglis, group property director and chief investment officer of London & Scottish Investments, asset manager of Regional REIT, said: “Regus is a great tenant for Tay House, further adding to the strong calibre of businesses located within the 157,000 sq ft Grade A office building. “The refurbishment works we have carried out are a prime example of the active asset management approach we bring to what continues to be a strong regional market.” Meanwhile, Regional REIT said it is currently marketing the remaining 19,200 sq ft of Tay House, which has also been refurbished. The investment trust noted that it was “seeing an encouraging level of inquiries” in the space. Tay House was acquired by one of Regional REIT’s precursor funds in 2013.
Regus has taken a 10-year turnover option for 30,000 sq ft , the entire second floor , of Tay House , an office block overlooking the M8 motorway in Glasgow city centre . It has fit out the floor for its Spaces concept , the first outside Glasgow , in which occupiers can have flexible deals for co - working spaces , virtual office services and rented - by - the - hour rooms . The first and second floors of the building have recently undergone a £ 2.5 m refurbishment programme by the REIT , the real estate investment trust that bought the building in 2013 .