In 2017 SPRUCE provide a c£8m senior debt facility to Tarn Crag Limited, a subsidiary of commercial property market investor Praxis (Holdings) Limited, to refurbish Dalmore House, a vacant office building in central Glasgow.
THE BACKGROUND
Dalmore is a c26 year old c70,000 ft2 landmark building at 310 St Vincent Street. The building is 0.5 miles to the west of the city centre, and is close to the M8 motorway and Charing Cross and Anderston railway stations. The property is arranged over basement, ground and nine upper floors with 56 surface parking spaces. Tarn Crag comprehensively refurbished the building to a modern Grade “A” EPC “B” standard, with a view to letting and selling the building. At the time of entering into the funding there were no pre-lets in place.
The Dalmore Project has a strong alignment with SPRUCE’s strategic objectives and Scottish Government regeneration policy. The facility is being drawn against an agreed construction profile, with monies released following SPRUCE Monitoring Surveyor certification.
SPRUCE funding for the transaction originated from additional capital injected into the fund by the Scottish Government in the form of 2016/17 Financial Transactions Capital. This ring-fenced additional funding tranche was received into SPRUCE following the successful progress of the fund to date.
SDG supported
Facts
Grade A office space
70,000sq ft
Senior debt facility
c.£8m