Queen Street build underway
A £50m development project gets started this month, creating office and retail space in the heart of Glasgow.
A £50 million funding package will see an empty building in Glasgow City Centre transformed into high quality retail and office space, accommodating up to 1,200 workers.
Construction work will get underway this month at 110 Queen Street – a former bank – to create 143,000 sq ft of Grade A offices and 20,000 sq ft of retail space, supporting more than 30 jobs and apprenticeships in the construction sector.
The project, which is being developed and built by BAM, will receive a £9.6 million loan from the Scottish Partnership for Regeneration in Urban Centres (SPRUCE) Fund, which has been established with Scottish Government and European Regional Development Fund money.
The news of the development comes after a recent research report published by Ryden outlined a demand in Glasgow for new office space to enable it to compete effectively with other UK regional cities.
Speaking after making the announcement at the Queen Street site, Deputy First Minister Nicola Sturgeon said:
“Significant city centre developments like today’s £50 million boost for Glasgow are central to stimulating economic growth across Scotland.
“This is absolutely imperative in these tough economic times. It is vital that we support opportunities for new business to help create new jobs and also encourage inward investment to Scotland.
“The transformation of this building, due for completion in 2015, will provide much needed high spec office space for Glasgow, which will enable it to compete more effectively with other large cities – and help to attract companies from across the globe.”
The Scottish Government contribution from the to this project has come from the Scottish Partnership for Regeneration in Urban Centres (SPRUCE) Fund, which has been established with funding of £26m from the Scottish Government and £24m from the European Regional Development Fund.
The fund provides affordable, flexible, repayable loans for project sponsors. Eligible projects will be located within the 13 local authority areas in the Lowlands and the Uplands of Scotland as determined by the Scottish Index of Multiple Deprivation. The SPRUCE Fund is designed to lever significant co-investment from the public and private sectors in supporting urban renewal and employment growth through revenue generating projects.
Source: Scottish Gov.