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News » Over £20m » Deal finalised for BAM’s Glasgow office scheme » published 8 Feb 2018

Deal finalised for BAM’s Glasgow office scheme

BAM will start construction of new government offices in Glasgow next month.

CGI of the new office blocks at Atlantic Square, Glasgow Above: CGI of the new office blocks at Atlantic Square, Glasgow

Developers have confirmed that BAM will begin work in March 2018 on the construction of a 284,000 sq ft office development at Atlantic Square in Glasgow. 

More than half the space – 187,000 sq ft – will house UK government civil servants and be funded by Legal & General. A second building will be developed speculatively and funded by BAM TCP Atlantic Square, which is a joint venture of BAM Properties and TCP Developments.

HM Revenue & Customs has signed an agreement to lease the new 10-storey Building 1 at Atlantic Square in Argyle Street for a minimum of 20 years.

Legal & General’s forward funding of part of the development has enabled the joint venture of BAM Properties and TCP Developments to start the development of the two-building scheme.

The buildings have been designed by concept architects Cooper Cromar with refinement by BAM Design. They will be built by BAM Construction.

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.”

 

MPU

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This article was published on 8 Feb 2018 (last updated on 8 Feb 2018).

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