TAYLOR Woodrow Property Company has introduced a new commercial heartland to Glasgow city centre in a large and ambitious urban regeneration project.
Loading article content
The revival of the Anderston area, which commenced in 1996, has transformed the site of the former Anderston Centre - now rebranded Cadogan Square - into an attractive business district, which has succeeded in appealing to occupiers and hundreds of jobs to the area.
The first phase of the redevelopment involved the demolition of the former Anderston Centre - a multi-level commercial centre built in the late 1960s, comprising shopping, offices, hotel and leisure facilities, a bus station and housing blocks.
A fundamental principle of Taylor Woodrow's regeneration blueprint was to reopen Douglas Street and Blythswood Street on to Argyle Street - a connection that was closed in the 1960s.
The subsequent creation of a development site on the corner of Douglas Street and Argyle Street incorporated the refurbishment of the 10-storey building on the site, and the introduction of 100,000 sq ft of office accommodation at Nos 1 and 2 Cadogan Square.
The building was leased to a number of occupiers and was sold in September 2000 to Daejan (FH 1998) for £ 9.5m.
While continuing with the refurbishment of further office accommodation, Taylor Woodrow introduced the Europa building to the corner of Douglas Street and Argyle Street - the first new building in the area for around 20 years.
The building, which houses the Scottish Executive's enterprise and lifelong learning division, was sold to a private investor for £ 9m in September 2000, representing a net initial yield of 6.67%.
Two hundred and fifty jobs were attracted to the area when 38,000 sq ft of space was refurbished to create No 4 Cadogan Square, which accommodates the Hilton Group's call centre and finance office.
Further demolition created a new development site on the corner of Douglas Street and Waterloo Street. Taylor Woodrow Property then embarked on the next phase of the regeneration programme, introducing the flagship Cerium building which comprises 74,000 sq ft of office space arranged over seven floors- its second new-build development in the area.
David Mitchell, regional director of Taylor Woodrow Property, said: ''We are confident that the success we have already achieved will continue. Anderston is already recognised as an attractive business location and is at the centre of the area being promoted as Glasgow's international financial district.
''We have a rolling programme that will see the provision of a combination of new buildings with large modern floorplates, together with refurbishment of the remaining accommodation within Nos 5, 6 and 7 Cadogan Square to provide quality office accommodation, thus creating attractive opportunities which will appeal to a broad spectrum of occupiers.''
l Some 245,000 sq ft of speculative industrial space is under construction in Scotland. Total supply of space available north of the border has declined over the past year by 6%, but the supply of new space is even tighter, having declined by some 16%.
The figures are revealed in the latest Industrial Floorspace Today report from property consultants King Sturge. The survey reveals that Scotland's prime rents are at South Gyle, near Edinburgh airport, where rents of £ 5.75 per sq ft per annum have been achieved. Glasgow's top rents are a shade lower at £ 5.50. Aberdeen's best performing industrial units can attract up to £ 5.10 per sq ft.
The biggest speculative schemes are at Eurocentral in North Lanarkshire, Gateway Glasgow at Cambuslang, and Newbridge on the west side of Edinburgh. At Cullen Square in Livingston, developer Joint Properties is building a single unit of 30,000 sq ft.