The supply of high-quality office space in Glasgow has been boosted by the “reimagining” of a building in the heart of the city’s central business district, while a separate, high-profile project has come on stream.
Around 66,500 square foot of Grade A space over several floors has come on to the market following the redevelopment of “prime” glass-fronted building on Cadogan Street.
It came as work completed on the first MAGWRX office development, located in the one-time Magnet kitchen and BO concept showrooms on Sauchiehall Street, with its first tenant confirmed.
The completion of Five Cadogan may be seen as a timely boost to the supply of high-end offices in the city which has seen few Grade A projects come to fruition over recent years, in part because of high construction and finance costs. It means there is strong demand for any new premium stock that comes on to the market, which in turn is pushing up rental values.
Five Cadogan, which has been developed by real estate firm Nora, offers office accommodation across a ground and six upper floors, in addition to a new “well-being” basement and “statement” sky lounge and landscape rooftop terrace with two ‘igloo pods’.
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Other notable features include a full-height glazed atrium, “signature” brickwork externally and internally, and Crittall glass accents throughout. The flexible floor plates, which start from 8,000 square feet in size, are said to blend amenities with soft furnishings, decorative columns and exposed ceiling detail.
The developer emphasised the building’s well-being credentials, with the basement offering a huddle area, wellness pods, yoga suite, gymnasium and a secure bike store for 42 bikes, as well as a changing room and shower rooms, lockers, and a drying room.
And it also underlined the environmental sustainability of the design of the building, which is all-electric and supplied by renewable sources. Native flora and fauna feature on the roof terrace while bird and bat boxes have been put in place to support breeding and biodiversity.
Five Cadogan was let jointly by Savills and Knight Frank.
A spokesperson for Nora said: “We are proud to announce the completion and launch of Five Cadogan, which offers an abundance of amenities from top to bottom and is fit for today’s contemporary occupier.
“Five Cadogan has pushed boundaries to reinvigorate external and internal space with a new basement well-being space and a new communal terrace and sky lounge that not only offers stunning rooftop breakout and collaboration space but also affords the opportunity to host spectacular events with city skyline views.
“Flexibility is vital for the next generation of businesses and many design elements will allow occupiers to adapt floor plates to suit their evolving needs. Five Cadogan offers a unique blend of character, sustainability and functionality, ideal for occupiers seeking a superior workspace in Glasgow that reflects their values.”
Meanwhile, Lujo Properties has announced that it has completed work on MAGWRX, its flagship workspace development on Sauchiehall Street, with Five Star International confirmed as the first tenant.
The building, which dates from the 1980s, has been redeveloped into contemporary fitted offices with furniture, high-speed fibre, private meeting rooms and cycle storage. Also powered 100% by electricity, the exterior of the building has been transformed with new brickwork that complements its neighbourhood.
MAGWRX is being let by Glasgow property agent MC2.
Alastair Dickie of family-owned Lujo, which has a long track record of revitalising prominent buildings in Glasgow, said: “Sauchiehall Street is one of Glasgow’s most famous locations and is being brought back to life with new investment, with MAGWRX being a brand new, flagship player in its re-establishment as an important commercial centre. With Sprigg, Black Sheep, Sarti and other food/drink offerings close by, the offices are situated in a vibrant quarter of the city centre.
“We have created a high-quality design and future-proofed workspace to this re-emerging avenue, which is already bringing new business, and therefore people, to the area. MAGWRX will play its part in helping Glasgow return to what it should be – a busy, thriving and forward-thinking city with many opportunities and a sense of purpose.
“We are delighted to have completed MAGWRX and agreed our first tenant, Five Star International, who will be the first to join our new workspace community.”
