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The developer Catalyst Capital has joined forces with the Scottish developer Duddingston House Properties, the regeneration agency Scottish Enterprise and Sir Robert McAlpine to complete a deal to develop 462,228 square feet of offices on the Glasgow waterfront site, which was first publicised on 4th May 2013.
This deal will be used as a foundation for further deals between McAlpine and Catalyst, and other contractors involved in this project, to restart development schemes. This waterfront development, named the “Consortium 220” is at 220 Broomielaw on the River Clyde, and is subject to a pre-let agreement.
The site has received consent for 462,228 square feet of offices within three buildings, but the exact details of the scheme are to be decided by the occupier demand and it is expected the demand will come from large, single occupiers looking to place their headquarters within this new scheme. Therefore the later stages of the speculative development will be decided after a pre-let is agreed with an occupier, as opposed to such decisions being made in the first instance.
The head of UK development at Catalyst Capital, Paul Davies, has mentioned how projects like this Glasgow one are great vehicles by which contractors can develop their portfolio. Paul Davies has mentioned how he is in favour of having contractors working in partnership from the beginning rather than at a later stage, when there is a greater risk of a confrontational relationship.
The rents at this development of Consortium 220 are expected to be within the region of £28 per square foot, and Catalyst Capital is currently in the process of appointing letting agents to represent them. It is thought that they may face competition from other speculative developments that are happening at the moment in Glasgow: for example Abstract Securities’ 170,000 square feet of speculative development at 303 Vincent Street, as well as the speculative schemes of Mountgrange and Prudential’s 143,000 square feet and BAM Properties’ 143,000 square feet.
Christina Weguelin of Morgan Pryce comments, “These development schemes in Glasgow are promising in the fact that commercial property in the UK may once again be flourishing – demonstrating that the rest of the UK may come in line with London, which has, through the last few years, seen speculative development increasing.”
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.