VANGUARD Real Estate’s plans to develop a major new office block in central Glasgow evoke memories of one of the more controversial planning applications seen in the city in recent years.
The Argyle Street site, much of which has lain derelict for 20 years, was the subject of a public row when a pawnbroker and a Chinese restaurant stood in the way of plans to bring a six-star Jumeirah hotel to the city. Those plans ultimately bit the dust in 2011.
Now the site is back in the public eye, and while there is a Middle East connection to the latest proposals, that is where the similarity ends (and not least because the pawnbroker and restaurant owners have now sold out their interests in the area).
READ MORE: Revealed: New bid to develop controversial Glasgow site
Vanguard, a joint venture between a Dubai-based real estate developer and Irish property investor Jim Kelly, has gone public on its ambition to build a 280,000 square foot office block in the space, with its full planning application on course to follow in spring.
The proposals will of course be subject to close scrutiny by the city planners, but there seems little doubt that they will find support among the wider business community.
Many observers have in recent months voiced their concern about the lack of Grade A office development coming through in the city.
Without such facilities, they believe attempts to attract major companies to the city – and create much-needed jobs at the same time - will ultimately be hamstrung.
READ MORE: Revealed: New bid to develop controversial Glasgow site
At a time of so much uncertainty, with Brexit forcing many investors to put plans on hold, the statement of intent issued by Vanguard must surely be welcome.
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