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 Government press release