COMMERCIAL property and investment company HFD Property Group has agreed terms with HSBC UK to refinance its flagship 177 Bothwell Street development in Glasgow.
The “green loan” facility, providing funding in excess of £100 million, requires 177 Bothwell Street to continue to meet a range of sustainability metrics.
The development has committed to achieving an Energy Performance Certificate (EPC) A score of less than eight – 45% more energy efficient than a standard A-rated building – and BREEAM ‘Excellent’ standard through a range of measures.
Smart technology will be used throughout 177 Bothwell Street to reduce energy consumption and improve environmental performance, while the building’s energy will be supplied by Blantyre Muir Wind Farm in South Lanarkshire, ensuring it is not just 100% renewable but also from an identified and local source.
The Bothwell Street office will also feature a rooftop terrace and running track, 318 cycle spaces, electric vehicle charging points, and touchless technology throughout the building.
An independent economic impact assessment concluded that the 313,000 sq ft development will generate £2.8 billion of gross value added (GVA) to the Scottish economy over 25 years.
The development is the first Scottish property to commit to attaining the new SmartScore accreditation for smart buildings and has already achieved a ‘Platinum’ WiredScore certification, a standard recognising that future occupiers will have the best connectivity available.
Currently 177 Bothwell Street’s occupiers include Virgin Money, BNP Paribas, AECOM, CBRE, and Transport Scotland, while HFD’s flexible serviced offices business, HFD Offices, will operate from dedicated space within the building.
Stephen Lewis, MD of HFD Property Group, said: “177 Bothwell Street is an exceptional asset and, with our initial development funding package set to expire, we took the opportunity to find partners who could fund the development’s next stage.
“Given the property’s quality and sustainability credentials, interest was strong among the potential funders we spoke to. After going through a competitive process, HSBC UK provided the most compelling terms, which include the correct balance between long-term funding and flexibility, all at an commercially attractive rate.
“We look forward to taking 177 Bothwell Street to the next stage of its development with HSBC UK, with the building almost fully let.”
Emma Harlow, relationship director at HSBC UK, said: “We’re thrilled to support HFD Property Group’s new venture at 177 Bothwell Street.
"It’s exciting to see our green loan used for a highly sustainable development, which not only uses sustainable materials but also renewable energy and smart technology too.
"HSBC UK has pledged to achieve net zero from our financed portfolio by 2050 and we’re committed to working with all our clients to help them on their journey to net zero.”
Scottish woodland for sale
Woodland by a loch in the Stirlingshire hills has been put on sale with a multi-million price tag as the potential to use forests to help absorb carbon emissions boosts investor interest in the sector.
Monachyle Wood is being marketed by John Clegg & Co which is inviting offers over £6.25 million for it.
Housebuilder names new chief as takeover deal nears completion
Miller Homes has appointed company veteran Stewart Lynes as its new chief executive.
Mr Lynes, the current chief operating officer who has been with Miller for 15 years, will succeed long-standing boss Chris Endsor at the end of the month.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here