A £100 million property development in Glasgow which promises to "transform" the city’s office sector has been launched on to the lettings market.
Property agents are now seeking tenants for One Five Zero St Vincent Street, a building dating from 1976 now set to double in size to nearly 150,000 square feet through a “significant transformation”.
Clearbell Property Partners IV LP, a fund managed by private equity real estate fund management and advisory business Clearbell LLP, has officially launched a project which it says will address a shortage of Grade A, sustainable office space in the city.
The property, which was built in 1976 and acquired by Clearbell in 2021, will be expanded to 146,492 sq ft from the current 70,000 sq ft over the basement, ground, and nine upper storeys.
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Manish Chande, senior partner on Clearbell Capital, said: “From the outset, sustainability has been our guiding principle for the redevelopment project of One Five Zero St Vincent Street.
“The Glasgow office market is undergoing significant change, with businesses demanding forward-thinking, energy-efficient workspaces that can meet modern needs. This project is designed to not only meet those demands but also set a new benchmark in the city. By combining sustainability with state-of-the-art amenities, we are creating a workspace that will attract progressive businesses and set a new standard for office developments in Glasgow, while also addressing the chronic undersupply that the city is currently facing.”
Clearbell noted that sustainability has been integral to the project from the outset, with the aim of becoming operationally net zero carbon and targeting leading certifications, as well being the first commercial BREEAM (Building Research Establishment Environmental Assessment Method) ‘outstanding’ building in Glasgow.
The retrofit will also focus on minimising the embodied carbon, through the retention and repurposing of the existing structure and superstructure. As a result, the upfront embodied carbon will be significantly lower compared with a traditional new build office, Clearbell said.
The building, which is targeting an EPC (energy performance certificate) A rating, will be fully electric, with no reliance on fossil fuels, and will include a blue roof system to optimise rainwater drainage.
Property agents JLL and Avison Young have been appointed as letting agents for the scheme.
Alistair Reid, head of JLL Glasgow and director, national office agency, said: “One Five Zero St Vincent Street is unlike anything we’ve seen in the Glasgow office market before, so it’s incredibly exciting to be able to bring this opportunity to market. Once complete, the building will provide the ideal space for forward-thinking, employee-centric businesses looking to make their mark on the city.”
Michael Facenna, director, agency and transactions, at Avison Young, added: “With high-quality workspace in scarce supply in the city at the moment, we have no doubt that One Five Zero St Vincent Street is going to be incredibly popular. There really isn’t anything else like this available in terms of quality, central location and access to skills and talent, and sustainability.”
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