Deputy First Minister Nicola Sturgeon has today announced news of a £50 million regeneration plan to transform an empty building in Glasgow City Centre into high quality retail and office space, accommodating up to 1,200 workers.
It is the largest office development to be built outside of London in a number of years.
Property developers BAM and the Scottish Government have provided the massive investment boost, which is set to transform 110 Queen Street, currently lying unused in Glasgow City Centre.
Previously home to a former bank, the property – when completed – will create 143,000 sq ft of Grade A office space and 20,000 sq ft of prime retail space within the capital.
The project, set for commencement in January 2013, will support 250 jobs within the construction sector and 30 apprenticeships over the lifetime of the build.
It comes as good news for Glasgow, which has been identified in a recent report conducted by Ryden as an area in need of a developed commercial property market in order for it to compete more effectively within the UK.
Speaking at the Queen Street site today, 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.”
Executive director for BAM construction, John Burke, said: “This is terrific news for Glasgow and the wider construction sector, and is testament to the confidence investors have in BAM to deliver the largest office development to be built outside of London in a number of years.
The Scottish Government are providing a £9.6 million loan to BAM, through their SPRUCE Fund – established from money taken from its own government and European Regional Development Fund.