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Osborne+Co’s Argyle St scheme gains Glasgow city planning approval, paving the way for the Grade A 270,000 sq ft office building.
Glasgow City Council has granted full planning approval to Osborne+Co for its scheme for a Grade A office building that could accommodate thousands of employees in the city’s International Financial Services District (IFSD).
The Argyle Street development aims to accommodate up to 3,000 people in office space the developer says will “meet the requirements of today’s multinational companies investing in Scotland.”
The development is said to be one of the finalists to land JP Morgan’s circa 250,000 sq ft office campus requirement, along with M&G Real Estate’s The Grid.
Osborne+Co and JV partners Scotsbridge Holdings acquired the Argyle Street site, with plans to see “this long-neglected site connected back to the city through infrastructural improvements, including support of the Argyle Street ‘Avenues’ project and surrounding cityscape.”
The site, derelict for more than 20 years, would “become one of the most significant office buildings to be built in Glasgow over the last 10 years,” Osborne+Co said. The scheme, designed by Glasgow-based architects Cooper Cromar, provides approximately 270,000 sq ft net of office space over ground plus 13 upper storeys.
The development’s end value would be circa £140 million.
Commenting on the planning approval, Will Hean, development director, Scotland for Osborne+Co, said: “We would like to thank Glasgow City Council and their planning team for their constructive input, insights and valuable guidance throughout this process. Working collaboratively at all levels with the Council over the past 18 months towards this final consent has involved sound judgement and bold vision combined. We are delighted to now be in a position to progress this impressive office scheme onwards towards the construction phase.”
Conor Osborne, CEO, Osborne+Co, said: “Glasgow is a key regional business hub recognised most notably for financial services, life sciences and renewable energy. We are confident that this ambitious development will help Glasgow to fulfil its full potential by attracting global occupiers looking to invest and expand their UK presence and benefit from the skilled local workforce Glasgow has to offer.”
Osborne+Co, a property development and management company currently working on 15 projects in seven countries, said it expects to be on the Argyle Street site in autumn 2019.
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