| scotland
DEVELOPMENT OF GRADE A OFFICE SPACE AT ATLANTIC SQUARE B
AMTCP Atlantic Square, a joint venture between BAM Properties and TCP Developments, and LGIM Real Assets (Legal & General) have confirmed that work will begin in March 2018 on the development of circa 284,000 sq.ft of Prime Grade A office space at Atlantic Square in Glasgow. 187,000 sq.ft of the development will house the next UK Government hub and will be funded by Legal & General Retirement, with BAM TCP Atlantic Square funding the remaining 97,000 sq. ft. of speculative space.
Secured by the development team, HM Revenue and Customs (HMRC) has formally signed an agreement to lease the new ten storey Building 1 at Atlantic Square, Argyle Street in Glasgow, for a minimum of 20 years. HMRC will be taking an estimated 187,205 sq.ft of office space, eventually accommodating around 2,700 full-time equivalent employees from across the department by 2021. Atlantic Square is the 10th of the 13 new UK regional centres that HMRC has announced as part of its transformation plans to create a tax authority fit for the future. Legal & General’s forward funding of
MAGNIFICENT SEVEN S
even employees from Cushman & Wakefield’s Scottish offices are celebrating passing their Assessment of Professional Competence (APC) exams after completing the company’s industry leading training scheme. Calum
Conor Nisbet
Henderson, Conor Nisbet, Craig Kemp, Emma Watson, Erin Mills, Lucy Bell and Simon Mingay are now qualified chartered surveyors and
members of RICS (Royal Institution of Chartered Surveyors). Calum and Simon will take up positions as surveyors within the Building Surveying team in Glasgow while Conor joins the Valuation and Advisory team, also in Glasgow. The other four will all be based in the
Edinburgh office with Craig in Global Occupier Services, Emma in Valuation and Advisory, Erin in Retail and Lucy Bell in Capital Markets.
50 CUSHMAN’S
part of the development has enabled the joint venture of BAM Properties and TCP Developments to start the development of the two building scheme. The buildings have been designed by concept architects Cooper Cromar with further refinement by BAM Design and the scheme will be built by BAM Construction. Property firm JLL advised HMRC during the selection process,
ATLANTIC QUAY 3
n behalf of the Moorfield Real Estate Fund III (MREF III), Moorfield Group (Moorfield) has sold Atlantic Quay 3, in Glasgow City Centre to LGIM Real Assets (Legal & General) for £50 million. Atlantic Quay 3 is a 79,500 sq.ft high quality modern office built to a ‘Grade A’ specification and is fully let on a long-term lease to the Scottish Courts and Tribunals Service.
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Newly refurbished Atlantic Quay 3 features a new double-height reception; new VRF air conditioning system; new LED lighting; three 13 person lifts with a separate goods lift. The building benefits from 24-hour security, 31 secure car parking spaces and 100 cycle racks in the basement.
MREFIII acquired Atlantic Quay 1, 2 and 3, which comprise 280,000 sq.ft of office space, in September 2015 for c.£60 million, reflecting an initial yield of 8.5% for the three buildings. Moorfield is partnered with Resonance Capital to manage the three buildings.
The entire Atlantic Quay area comprises a unique office complex that fronts the River Clyde. It is just a short walk from Glasgow’s main shopping, leisure and entertainment districts and accessible to all major road, rail, air and bus links.
while BAM TCP Atlantic Square were advised by Cushman & Wakefield and Knight Frank acted for Legal & General. Construction work is expected to begin in March 2018. BAM TCP Atlantic Square is speculatively developing Building 2 which comprises 96,650 sq.ft of high-quality office space and which will be complete and ready for occupation in 2020.
PRIME GLASGOW DEVELOPMENT SITE
Glasgow Business Park in the largest commercial land deal in West Central Scotland over the past six months. The 26 acres of development land front the M8 at Junction 9 and forms part of the 72 acre business park well known to commuters due to Andy Scott’s iconic Heavy Horse sculpture. The land was acquired in an off-market deal from Glasgow Business Park Ltd. Muir Group will commence
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construction of new speculative space later this year and will also pursue bespoke opportunities. John Muir, Muir Group Chairman, said
“Glasgow Business Park offers an excellent development opportunity to bring new build, high quality industrial units to the market in a range of sizes. Muir Group has already successfully developed and constructed 13 buildings totalling over 525,000 sq.ft of office and industrial space in Aberdeen. Glasgow Business Park provides us with a prime and highly visible development site in Central Scotland to continue this development and construction programme.”
COMMERCIAL PROPERTY MONTHLY 2018
uir Group has purchased the remaining development land at
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