The company behind the major redevelopment of a Glasgow landmark has expressed hopes its £100 million project will attract technology companies, after winning planning approval for the office space and hotel scheme.

Property development and investment firm Osborne+Co had last April submitted its planning and listed building application for the redevelopment of the former College of Building and Printing tower, which was covered with a huge “People Make Glasgow” graphics wrap for the 2014 Commonwealth Games. Its proposals include the creation of 120,000 sq ft of Grade A office space, and the building of a 260-bed hotel over 11 floors. The hotel will connect to the Met Tower via a landscaped plaza, also accessible to the public.

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As it announced Glasgow City Council had approved the plans, the developer said: “Given the building’s location in the heart of the Glasgow City Innovation District and its proximity to [the] University of Strathclyde, Osborne+Co is confident that the space will be attractive to tech firms as well as other sectors of the market. Neighbouring developments, such as the University of Strathclyde’s Technology and Innovation Centre and Inovo buildings, have attracted a high number of technology companies to the area.”

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The developer plans to demolish an existing “podium” building facing Cathedral Street to make way for the hotel. A flexible double-height auditorium space will be created below the plaza which Osborne+Co said “could also suit a market hall, co-working space or a suite of highly adaptable meeting rooms and theatre-style conferencing facilities”.

Will Hean, development director at Osborne+Co, said: “The Met Tower is intrinsic to Glasgow’s identity and we’ve worked closely with key stakeholders to ensure that our final proposal complements the surrounding area and provides dynamic indoor and outdoor space, which will capitalise on its central location beside Queen Street train station.”

Stuart Patrick, chief executive of Glasgow Chamber of Commerce, said: “This is excellent news and a strong sign of continued investor confidence in the long-term future of Glasgow city centre. It is a bonus that the Met Tower office and hotel development sits within the University of Strathclyde’s Glasgow City Innovation District and as such is the kind of project that will help shape Glasgow’s growing role in the industries of the future.”