BAMTCP Atlantic Square, a joint venture between BAM Properties and TCP Developments, and LGIM Real Assets (Legal & General) have confirmed that the work on 284,000 ft² of Prime Grade A office space at Atlantic Square in Glasgow will begin in March 2018. 187,000 ft² of the development will house the next UK Government hub and will be funded by Legal & General Retirement, with BAM TCP Atlantic Square funding the remaining 97,000 ft² of speculative space.
The buildings have been designed by concept architects Cooper Cromar with further refinement by BAM Design. The scheme will be built by BAM Construction. The project is expected to be completed in 2020.
Adam Kerr, Head of Annuity Transactions, LGIM Real Assets, said: “This is a great deal for us and will act as a further catalyst for this area of Glasgow, regenerating a long-vacant site, creating new jobs and driving economic growth.”
Hayley Rees, Head of Direct Investments at LGR, said: “It is a great investment fit for us as it enables us to fulfil pension promises to our customers in an efficient way, whilst playing a part in driving job creation and economic growth, which is good for business as well as our customers.”
Dougie Peters, Managing Director of BAM Properties, said: “We are delighted to be working with LGIM and HMRC on this Grade A office development which will become one of 13 state-of-the-art regional centres for HMRC. Simultaneously, the BAM TCP Joint Venture is speculatively developing Building 2 at Atlantic Square because we believe there is a high level of demand in Glasgow for premium office space. BAM Properties has a long and successful history of knowing when the time is right for major commercial developments in Glasgow – such as 110 Queen Street and the Clarion Building and we are confident that Building 1 and Building 2 at Atlantic Square will be equally good news for Glasgow.”
Jon Brand representing Taylor Clark Limited on the JV Board, said: “We are delighted that after a 10 year association with the Atlantic Square site, we are now able to see the development fulfil a strategic role within the Broomielaw area, which has for some time been identified by Glasgow City Council as a major area of future office and commercial development. Taylor Clark has a long history of successful office development in Glasgow, including the nearby Meridian Court and esure buildings on Cadogan Street. We are excited about the future of the Atlantic Square project which further enhances the infrastructure and employment opportunities in this area.”
Angela White, Head of Corporate Services at JLL in Glasgow, said: “The Government’s decision to relocate another regional hub in Scotland is a testament to the strength of the commercial property market and standard of living in Glasgow. Atlantic Square was selected following a robust process which considered a broad range of criteria as well as cost efficiencies. Situated in the heart of Glasgow’s International Financial Services District, and within walking distance of both major train stations, the vibrant mixed-use development will provide excellent connectivity for staff and visitors.”
JLL advised HMRC, while BAM TCP Atlantic was advised by Cushman & Wakefield. Knight Frank acted for Legal & General.
