A new 170,000 sq ft office development has been granted planning permission in Glasgow.
Construction on the £60 million Grade A city centre scheme will commence within weeks.
Construction on a new 170,000 sq ft office space development in Glasgow city centre could begin within weeks after planning permission was granted earlier this month.
It’s believed developer Abstract has been cleared to lead the development of the property which will feature 12 floors of Grade A office space. Located on St Vincent Street, St Vincent Plaza will comprise of 78 parking spaces, a basement, a ground floor and 10 upper floors.
Work on the £60 million development is expected to begin within the month and could be completed as early as 2013. Designed by Glasgow-based Keppie Design, the development will be priced from £23 per sq ft – a price which Abstract says is “a significant discount” on current city centre rents.
“We are very pleased to announce that we now have planning consent for St Vincent Plaza and can realise our vision of creating an extremely high ‘Grade A’ specification development in Glasgow’s International Financial Services District,” commented development director at Abstract Christopher McPherson.
“Our scheme will be one of the key elements in the next phase of the IFSD and will help to attract high-profile occupiers to the city, which in turns means more local employment and growth for Glasgow.”
The news comes after research from officebroker.com revealed that along with Edinburgh, Glasgow is bucking the current downturn in office space demand. Last week’s research showed that demand for office space in Glasgow actually increased by 14% in 2011 despite the unstable economic climate.