Glasgow office development given £12m SPRUCE funding boost
The Scottish Government has announced a £12 million loan for the renovation of a Glasgow site to create 85,000 sq ft of new Grade A office space.
The funding for 55 Douglas Street, previously known as the Cerium Building, comes from the £150m Building Scotland Fund which is operated by the Scottish Partnership for Regeneration in Urban Centres (SPRUCE).
Due for completion in November 2019, the project is being delivered by Signal Capital.
Communities secretary Aileen Campbell said: “This investment is a great example of what we can do through the SPRUCE fund, using finance from the Building Scotland Fund. This loan will help support opportunities for new business to create new jobs, encourage more inward investment and lead to economic growth.
“The transformation of this building will provide much needed high spec office space in the centre of Glasgow. This will further enhance the city’s reputation as a place where companies from across the globe will choose to locate and do business, providing jobs for local people.”
Gareth Richardson, director of asset management for Signal Capital, said: “The SPRUCE fund is a great initiative that will help us deliver some of the best available office accommodation in Glasgow of 2019. The funding will support a full refurbishment, upgrade and expansion of 55 Douglas Street to create 85,000 sq ft of Grade A office space that there is currently a lack of across the city.
“Amber has been supportive of our vision from the outset and we look forward to continuing this relationship and realising the potential of the project together.”
Cameron Cook, head of origination for Amber Infrastructure in Scotland added: “The SPRUCE Fund is delighted to have reached financial close on this important project, providing much needed class leading office space into the market. We look forward to working closely with Signal Capital to ensure the success of the 55 Douglas Street project over the coming years.”
The project is being undertaken by a team including contractor Clark Contracts, architect Michael Laird Architects, M&E engineers Hulley & Kirkwood and structural engineers Etive Consulting.