By Ian McConnell
A Glasgow office building dating back to the mid-1960s is to be redeveloped into “class-leading” Grade A office space with the “highest environmental credentials” following its acquisition by Garroch Investments.
The Princes House building, acquired for an undisclosed sum, occupies a prominent corner plot on Waterloo and West Campbell Street, a two-minute walk from Glasgow Central Station.
It was formerly home to Lloyds Banking Group, and, after that, to Barclays.
Savills, which advised Garroch Investments, said the redevelopment was “expected to create around 1,200 new jobs in the city and create an end value in the order of £75million”.
Andrew White, development manager and shareholder of Garroch Investments, said: “I have been looking for an office development opportunity in Glasgow for the last couple of years, and I am delighted that, with Savills' assistance, Garroch has been able to secure such a prime opportunity in the current development cycle where there is such a shortage of Grade A accommodation.”
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