Speculative building in Glasgow has the wow factor, reports Bob Serafini
Heavenly design in the city
This month sees the launch of Glasgow's latest new speculative office building, the £75m St Vincent Plaza (SVP), alongside the M8 motorway.
Directly opposite the new Scottish Power HQ currently under construction, Abstract's 170,000 sq ft Grade A property is one of the UK's largest and cost-effective office developments.
With rents from £23 per sq ft, the type of large 17,000 sq ft floor plates demanded by occupiers, and a design by Keppie to achieve BREEAM excellent environmental standards and EPC of B, it will be completed to 'shell and core' by the end of the month.
But with a lot of prospective tenants viewing and some on the point of signing up, Abstract are confident enough to invest further and complete a full fit-out of floors and ceilings by September, to minimise disruption for incoming firms.
First impressions are important, and the huge reception area at SVP literally has its own wow factor.
An artwork on the wall consists of a piece of granite from a quarry near Genoa, noticed by the construction team when sourcing the cladding for the external walls. The granite with this kind of grain pattern is genuinely called wow fusion.
Moving on up, cocktail party guests will be treated to an unusual exhibition by Glasgow photographer Iain McLean, a series of casual portraits of all the men and women involved in delivering the scheme over the past two years.
The top level of this 11 storey office tower has a feature penthouse suite, with outside space, offering impressive views over Glasgow's iconic Kingston Bridge and reminding the party-goers of the high profile branding opportunities this landmark could bring.
The Abstract scheme has been designed for occupational density of up to 1:65 sq ft, a cost per workstation of £2431, a figure they claim to be 35 per cent lower than typical new grade A space.
Part of the reason for this is the land price, bought out of administration, and another is the 78 car parking spaces being external rather than expensive basement excavation.
Bowmer & Kirkland were the main contractor, with CBRE and Ryden jointly marketing the accommodation for lease. With capacity for 2500 and around the same across the road, this part of the business district is undergoing major transformation, and with nearby Charing Cross station now providing regular through trains to Edinburgh, is likely to prove increasingly popular.
1 West Regent is the rail deal
Glasgow traditionally does not have a good reputation for pre-letting buildings before they are complete, with most companies preferring to wait and see how they look before taking the space.
But, finished in April, two months ahead of its rivals, the 143,000 sq ft 1 West Regent Street is an exception, with the top four floors leased to engineering giant Weir Group, media company Global Radio and professional services firm Arup, with rents around the £28.50 mark.
Mike Buchan of JLL, joint agents with GVA, expects to sign a few more shortly: "To have a completed building in the market when it is really active is a great position to be in. It has benefitted from being close to both railway stations, which is becoming acutely important in attracting and retaining staff."
Designed by Ryder Architecture and built by Sir Robert McAlpine, it is another first class addition to the city's Grade A office market - the first for five years - and advice from Atelier Ten has helped make it one of Glasgow's greenest buildings.
Glasgow street gets the London look ...
Due for completion this month, the third big new office scheme at 110 Queen Street has already been sold on by developer BAM Properties to investor Deutsche AWM for £70m.
Andy Cunningham, joint letting agent with Phil Reed, reports that feedback is that architects Cooper Cromar have produced a London standard office building.
This is confirmed by the blue chip tenants who have signed up so far - Grant Thornton, Deloitte and law firm Brodies - who have taken 58,795 (41 per cent) of the total 143,000 sq ft, at rentals believed to have reached £30 per sq ft.
Its striking curvaceous dark glass exterior conceals a dramatic 4000 sq ft reception hall, eight floors of 18,000 sq ft with full height glazing, and a best in class specification. The BREEAM score is excellent and EPC is A, and there are 56 garaged car spaces.
Cunningham says there are viewings every week with occupiers acknowledging detailed features not normally found outside London. The location is regarded as its strongest card.
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