07

February

GPU completes 190,000 sq ft Glasgow HQ letting

The Government Property Unit has completed its letting for HMRC of circa 187,205 sq ft of offices at Bam Properties’, Taylor Clark Properties’ and LGIM’s Atlantic Square development in Glasgow, with staff told today.

The Government Property Unit chose the 300,000 sq ft Atlantic Square development as part of a relocation of staff and the creation of a regional hub in the city ahead of shortlisted rivals HFD Group’s planned 215,000 sq ft office in Bothwell Street and Drum Property Group’s planned regeneration of the Tradeston Street area at the end of last year. The deal completed two weeks ago it is understood.

BAMTCP Atlantic Square, a joint venture between BAM Properties and TCP Developments, and LGIM Real Assets (Legal & General) confirmed today cthat work will begin in March 2018 on the development of circa 284,000 sq ft of office space at Atlantic Square in Glasgow.  187,000 sq. ft. of the development will house the next UK Government hub and will be funded by Legal & General Retirement, with BAM TCP Atlantic Square funding the remaining 97,000 sq. ft. of speculative space.

Planning consent has already been obtained for two office buildings of 180,000 sq ft and 80,000 sq ft alongside a third building for residential and retail space.

HM Revenue and Customs (HMRC) announced its latest addition to a network of 13 state-of-the-art regional centres to staff this morning, by signing an agreement to lease an estimated 187,205 sq ft of office space in a 10-storey new build at Atlantic Square, Argyle Street in Glasgow for 25 years.

The GPU said the development is easy-to-reach with excellent transport links, in addition to providing HMRC with the digital infrastructure required by a modern tax authority.

The building will eventually accommodate about 2,700 full-time equivalent employees from across the department by 2021.

 

HMRC instructed JLL to undertake a comprehensive search of Glasgow, and the Atlantic Square development was “found to be by far the most suited and cost effective” the GPU said.

BAM Properties Ltd and TCP Developments Ltd are developing Atlantic Square as a joint venture.

 

Read the full article from CoStar UK

 


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