The regeneration of a key arterial site in Glasgow city centre has taken a significant step forward with the submission of a detailed planning application for a 283,000 sq ft Grade A office development by Osborne and Co.
The £95m investment by Osborne will deliver the first major activity on this prime site in the International Financial Services District (IFSD) in more than twenty years.
The planning application has been submitted by Osborne and Co – the new global delivery vehicle for property developed by Vanguard Real Estate – after a variety of economic and historic environment studies on the site led by Cooper Cromar, an award-winning architectural practice.
Osborne’s occupier-focused approach to design and construction puts tenant needs at the heart of the development to deliver world-class modern workspace. Last month, it was picked as Santander’s development partner to deliver the bank’s new UK technology hub in Milton Keynes.
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.
Will Hean, Development Director (Scotland), Osborne and Co, said: “Following positive consultation with Glasgow City Council planners, Historic Environment Scotland and the local community, we are pleased to formally lodge our detailed planning application with which we aim to begin the process of a major transformation of Glasgow’s best undeveloped city site.
“We want to deliver an office building that will add value for the city of Glasgow: providing the business community with a quality environment to thrive, a quality product to attract global occupiers and a quality regeneration of a large swath of the IFSD.”
The Argyle Street site, formerly the location of the proposed 25 storey Jumeirah Hotel, is 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.
Conor Osborne, Osborne and Co director, added: “Our new development will deliver a meaningful boost to the local economy, with jobs in construction and local apprenticeships, improvements to the city’s infrastructure – including supporting the Argyle Street ‘Avenues’ project and the surrounding cityscape.
“We engage with potential occupiers at the earliest opportunity as part of an innovative approach to providing frictionless solutions to tenants. 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.”
The application involves the demolition of a Grade B listed building, which, after extensive surveys, was found to be beyond repair.
The vendor of the Glasgow 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.”
The partners of Osborne and Co have delivered projects totalling circa £2.5 billion across 4 continents, including a circa. 1 million sq ft office building for Citigroup in Manila and Standard Chartered’s Dubai HQ.
The group is embarking on an ambitious global growth drive, targeting new developments in Europe, the Middle East, India and South East Asia.
It is forging ahead with The Waterside, Belfast – a 1.7m sq. ft placemaking development, which will deliver a world-class waterfront locale for the city – after planning consent was granted for Phase 1, a £50m office building.