Glasgow’s Princes House to be demolished for £75m office block
Garroch Investments has announced plans to demolish Princes House in Glasgow to make way for a £75 million office block having acquired the building for an undisclosed amount.
Subject to planning permission, the property will be redeveloped into a brand new class-leading Grade A office with the highest environmental credentials.
Originally constructed in the mid-1960s, the former home of Lloyds Banking Group, and more recently Barclays, is located in a 100% prime office pitch within Glasgow’s Central Business District. It occupies a prominent corner plot on Waterloo and West Campbell Street, only a 2 minute walk from Glasgow Central Station.
The development is expected to create around 1,200 new jobs in the city and create an end value in the order of £75million.
Mosaic Architects have been appointed as architects.
Andrew White, development manager and Shareholder of Garroch Investments, said: “I have been looking for an office development opportunity in Glasgow for the last couple of years, and I am delighted that, with Savills assistance, Garroch has been able to secure such a prime opportunity in the current development cycle where there is such a shortage of Grade A accommodation.”
During the course of the transaction, the lease expired and the building became vacant. Clutha Trust will be occupying the whole building until the period to demolition and agreed a short term letting at a nominal rent. Clutha Trust is a Scottish charity who support the arts, heritage, culture and science for those in need by reason of age, ill health, disability or financial hardship. They will act as a hub operator providing office space for many different smaller charities in the city centre.
Mr White added: “Over the course of the transaction the building became vacant and we are delighted to have had the opportunity to support local charities through Clutha Trust.”
Savills acted for Garroch Investments, whilst the vendor was represented by Gerald Eve.
Stuart Orr, director in the investment team at Savills Glasgow, said: “Much focus and discussion on offices has centred on the ESG agenda recently. Only 2% of Glasgow’s total supply of offices carries an EPC A rating, so clearly there’s a lot of work to be done in the city to improve the environmental and sustainability credentials.
“Subject to securing the necessary planning permission, it is Garroch’s vision to help provide a solution with a brand new building meeting the highest environmental credentials and providing the city with much needed new stock.”