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A new office space tower is set to be established in city centre Glasgow after a development group acquired rights to the relevant site and outlined its plans.
The company called Abstract (Glasgow) Ltd said it will build a new office tower on St Vincent Street in the central part of the city ahead of its hosting of the Commonwealth Games in 2014.
Construction of the speculative development, for which extensive plans have now been submitted to local authorities, is expected to start in the early part of 2012 and complete before the end of the following year.
The building has been provisionally named St Vincent Plaza and looks set to add around 170,000 sqft to the supply of Grade A office space to rent in Glasgow.
Christopher McPherson, development director at Abstract, said floorplates planned for the 10-storey scheme will be virtually column-free and cover 17,000 sqft.
“It will provide the most efficient and environmentally friendly office accommodation in the city and will be delivered into a market where available ‘Grade A’ supply has all but disappeared,” he said.
Mark Glatman, chief executive of Abstract Securities, which owns Abstract Ltd, commented: “This scheme is all about value at a time when corporate occupiers have to have a close eye on the bottom line and cannot justify heavy costs.
“With tight design and procurement we are able to bring this building to the market quoting rentals from £23 per sq ft very deliberately and significantly undercutting the established Glasgow market.”
On the banks of the River Clyde, Glasgow is the largest city in Scotland and the third most populous in the UK. A report from property analysts at DTZ said last week that office rental activity fell in central Glasgow during the third quarter of this year but increased in out-of-town locations.