Knight Frank - Offices Development - Glasgow, Anderston

Date: 20 Mar 2008

Glasgow's business district will benefit from much-needed additional office space after planning consent has been granted for a new £6m office development in Elliot Street in the Anderston area of the city.

As demand for good, quality office space in Glasgow's city centre expands further west, the Elliot Street development offers businesses good accommodation that is convenient for close transport links, as well as maintaining a close presence in the city.

The new 40,000 sq ft office scheme at 138 Elliot Street, will occupy a prominent position close to the Clydeside Expressway and will be a key development in the regeneration of the Anderston and Finnieston area of the city, which has been undergoing extensive redevelopment to attract more businesses to the area. Already, neighbouring occupiers include Green's Heath & Fitness Club, Fortis Bank, O2 and The City Inn, all which have proved that the area is an established, excellent business location.

Designed by architects, Cooper Cromer, 138 Elliot Street will provide high-quality office accommodation over ground and three upper floors and will have 66 on-site car parking spaces. The building will be fully compliant with the Disability Discrimination Act and the developer, is targeting a very good environmental assessment rating (BREEAM). The site enjoys good access to all parts of the city via the Clydeside Expressway to the north and the recently completed Clyde Arc bridge which links the north bank of the river to Pacific Quay and the south side.

Commenting, private developer Stephen Shear, whose company, Sovereign Properties has a number of land holdings in the Finnieston area, said: "I am thrilled that planning consent has finally been granted for this exciting scheme that will further enhance this area. Funding has been secured and I anticipate that construction will commence early in 2008."

Joint letting agents are Knight Frank and Glen & Co. Sinclair Browne, Partner who manages Knight Frank's Office Agency Team said: "This will be a high quality development that will have first class communication links not only via the existing road network but also as a result of the close proximity to the Exhibition Centre suburban railway station that lies within five minutes walk."

David Glen of Glen & Co added: "We see flexibility as being the key to the success of this development and we have all put a great deal of thought into ensuring we are in the best possible position to accommodate prospective tenants. Indeed, we are already in discussions with occupiers that, we hope, will result in the pre-letting of around 45 per cent of the available space. With the funding secured, this will be one of only a few completions in 2009 on the periphery of the city centre."

The developer and architect are currently in negotiations to appoint contractors.

A CAD photo of the proposed £6m office development in Elliot Street, Glasgow