THE team behind the first speculative office block in Glasgow city centre for three years have claimed the £60 million project will shake-up the city's stagnant property market.

Provisionally known as St Vincent Plaza and with a design rarely seen outside central London, the 12-floor structure will occupy a prominent location close to the Hilton Hotel and has a planned opening of 2013.

A detailed planning application for the new office tower is being lodged with Glasgow City Council today and it is hoped construction will begin by next spring.

One feature of the application is a proposal for new public realm space between St Vincent Street and William Street, helping access to The Hilton, and improving the attractiveness of the area.

The move has been hailed by politicians as “a vote of confidence in Glasgow”.

The London-based company are confident it can inject some impetus into the market by undercutting the rental rates of rival developments.

It is the second major speculative investment in the city in recent months.

In June The Herald revealed a plan to bring 700 jobs to Glasgow, billed as the first major spin-off from the completion of the M74.

The £14m deal saw two firms take half a proposed business park within the Clyde Gateway regeneration scheme. The Abstract Securities group intends to let the space for £5 under the current going rate for a square foot of space.

Abstract chief executive Mark Glatman said: “We have absolute confidence that our product is in the right place, at the right time, and at the right cost.

Gordon Matheson, leader of the city council, said: “This application is very positive for Glasgow.”