Osborne+Co, a consortium of established real estate developers, has announced it is set to construct one of Glasgow’s largest single-building new offices after acquiring a strategic development site in Glasgow.
The well-financed joint venture has acquired a 0.79-acre site in the heart of the city’s International Financial Services District.
Osborne+Co is formed of Gulf Resources Development & Investment (GRDI) and property professional, Jim Kelly – and brings an international development track-record having collectively delivered c£2 billion of property projects globally.
The Argyle Street site, formerly the location of the proposed Jumeirah Hotel, is one of the city’s pre-eminent business addresses. Located on the south side of Argyle Street and bounded by Robertson Street and York Street, it offers excellent links to the M8 and M77 motorways and is a short walk from Glasgow Central station.
Osborne+Co has appointed Cooper Cromar, an award-winning Glasgow-based architect, to progress plans for the Argyle Street site, set to be one of Glasgow’s largest ever single-building office schemes. At the heart of the development will be the tenant, with Osborne+Co occupier-focused approach to design and construction delivering a world-class workspace to meet the changing needs of modern occupiers.
The 280,000 sq ft development represents a significant inward investment that will transform an iconic site, which has lain derelict for nearly two decades. When complete, the Argyle Street development will be able to accommodate up to 4,000 people, revitalising a key site on a vital artery for the city.
A minimum 12 weeks of pre-application community consultation is now underway through a Proposal of Application Notice, including public exhibitions at The Radisson Blu Hotel on February 27th and March 15th, before the submission of a full planning application to Glasgow City Council in Spring 2018. The site previously held consent for a hotel and serviced apartments. The development team is currently undertaking a variety of economic and historic environment studies on the site.
Conor Osborne, Director, Osborne+Co, said:
“We believe this is one of the best undeveloped opportunities in Scotland – and are looking forward to working with the council to deliver a forward-thinking office scheme. It will provide a competitive edge for the City, giving Glasgow a high-calibre development to attract blue-chip occupiers, and demonstrate the city is ready to support inward investment. We engage with potential occupiers at the earliest opportunity as part of an innovative approach to providing frictionless solutions to tenants.”
“As considerate developers, we fully appreciate the challenge of building within the city’s historic environment. Our team of professionals has been chosen for their skills in understanding such places and posing alternatives where we believe that these are justified. Our proposals will be explored fully by our team in their consultations with Glasgow City Council, Historic Environment Scotland and the wider city community.”
An occupier-focused, build to suit developer, Abu Dhabi-Headquartered GRDI has delivered projects totalling c£1 billion across 4 continents, including a circa. 900,000 sq ft office building for Citigroup in Manilla. Development partner, Jim Kelly, former owner principal of St Francis Property Group, has a legacy portfolio with a gross development value of c£500m. This includes site works for HSBC’s new office and Paradise Circus, Birmingham.
Vanguard has already delivered a 1.1 million sq ft IKEA distribution centre in Dubai and acquired the Sirocco Works site in Belfast, a 1.6m sq ft mixed-use development. The Belfast project is one of the UK’s largest urban renewal projects and is currently going through the planning process.
The vendor of the site, Singapore property company Scotsbridge, is led in Glasgow by entrepreneur Shazad Bakhsh, who played a central role in assembling the site and retains a minority share in the site ownership.
Shazad Bakhsh, executive director of Scotsbridge, said:
“This will be one of the most important new office developments Glasgow has seen in decades and will support significant levels of new jobs and investment. We are delighted to have assembled the land and now to partner with Osborne and Co to progress this landmark development.”
Conor Osborne added:
“This acquisition forms part of our ongoing wider development programme and demonstrates our appetite to undertake large-scale developments in the UK. We have an international reputation in delivering best in class developments having completed a significant number of projects across a diverse range of markets with a total development value in excess of £2 billion.”