Glasgow, 6 July 2015 - BAM Properties has officially handed over CONNECT110NS in Glasgow’s Queen Street to its owners marking the completion of one of Scotland’s most ambitious building projects.
Conceived in the depths of the recession, the building has transformed the city’s legendary Style Mile, providing desperately needed Grade A office accommodation for the city.
The development was made possible with the help of £10 million funding received from the Scottish Government’s SPRUCE Fund and a £40.4 million investment from BAM Properties. Deutsche Asset & Wealth Management (Deutsche AWM) bought the building for £70 million last September while it was still under construction.
Designed and built by BAM Construction, the building with its distinctive curved glass frontage, faces the Gallery of Modern Art (GOMA) and comprises of 143,000 sq ft office space and 20,000 sq ft retail space.
It is already 40% let to tenants Brodies LLP, Deloitte LLP and Grant Thornton UK LLP, with a number of other lettings in the pipeline.
John Burke, Managing Director Properties, BAM Construct UK, said: ‘When we purchased the site in 2012 at the height of the recession there were a lot of raised eyebrows, but we believed then what we believe now; Glasgow is a world class city in which to do business and as such requires world class office accommodation. Launching a speculative development is a calculated risk at the best of times but fortunately our faith was justified when Brodies LLP signed up to be our first tenant and we were delighted when Deutsche AWM agreed to buy the building last year. We would not be celebrating today without the help and support of the SPRUCE Fund which was instrumental in part funding the building which is a new flagship for the city and sends a clear message that Glasgow is ready to compete at an international level.’
BAM Properties will continue to partner with Deutsche AWM until completion and full occupancy.
BAM Properties is known for commercial and retail developments that create value for investors. Our high quality, sustainable developments also bring benefits to the businesses and people who work in them.
BAM Properties is the property development arm of BAM Construct UK a construction and property services company that undertakes design, construction, facilities management and public private partnerships. Other significant developments in Scotland include the £24 million Aurora building in Bothwell Street as well as the Riverside Transport Museum, refurbishment of the National Portrait Gallery, Nike’s flagship store on Buchanan Street, Tesco Bank’s headquarters at Haymarket in Edinburgh and NFU’s Glasgow office.
We are part of Royal BAM Group a European construction and property services enterprise that is listed on the Euronext Amsterdam.
BAM Properties has developed more than three million sq ft of commercial and retail space over the past 25 years. Its most recent retail development in Buchanan Street, Glasgow was let to Nike and sold to investment managers La Salle. Further information: www.bam.co.uk.