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£12 million funding boost to office development in Glasgow city centre

The Scottish Partnership for Regeneration in Urban Centres (SPRUCE) fund has committed a £12 million loan for the renovation of a ‘landmark’ Glasgow city centre building to deliver 85,000 sq ft of Grade-A office space over six floors.

Situated within the International Financial Services District (IFSD), the funding for 55 Douglas Street - previously known as the Cerium Building - comes from the £150m Building Scotland Fund (BSF) which is operated by SPRUCE. In December 2018, the BSF provided SPRUCE with an additional £25 million for projects that align with the Scottish Government’s key objectives. The Douglas Street renovation has become the first investment through SPRUCE that makes use of this additional financing.

The refurbishment, which is being delivered by Signal Capital, is due for completion in November of this year.

Director of Asset Management for Signal Capital, Gareth Richardson, described the SPRUCE fund as being “a great initiative that will help us deliver some of the best available office accommodation in Glasgow of 2019.” Richardson also commented on how the project will address the lack of high-quality Grade A office accommodation that is currently available in Glasgow city centre.

Aileen Campbell, Communities secretary, believes the SPRUCE loan for the project will “help support opportunities for new business to create new jobs, encourage more inward investment and lead to economic growth.”

More information about the project is available via Scottish Construction Now.

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If you are considering purchasing, selling, or leasing a commercial property in Glasgow, you need qualified legal advice from a specialist commercial property lawyer. Contact Austin Lafferty Solicitors & Estate Agents today via the online enquiry form.

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