Brodies LLP signs up as first tenant for BAM's new Glasgow development
Hemel Hempstead, 11 October 2013 - BAM's property development business secures a major tenant for Glasgow's newest prime location. Brodies LLP has signed up as the first occupier at BAM Properties latest office development at 110 Queen Street, Glasgow, signalling a major vote of confidence in the city.
Scotland’s largest law firm, which currently has an office in Blythswood Square, will lease 25,000 sq ft on the sixth floor and part of the seventh floor within the nine storey building which is being developed by BAM. The move reaffirms the firm’s commitment to Glasgow as a vibrant business centre and is testament to BAM, whose confidence in the market led it to invest in the city at an extremely challenging time for the UK property market.
Brodies chose 110 Queen Street because of its strategic location in the heart of the city - on the corner of Ingram Street, opposite the Gallery of Modern Art (GoMA) - and the ease of access it offers to staff and clients using public transport. Just a few minutes' walk from Queen Street and Central stations, the building will also facilitate travel between Brodies' Scottish offices, and to international destinations from Glasgow Airport.
Work is well underway and Brodies' Glasgow team, which is currently 190-strong, is scheduled to relocate in the second half of 2015.
Bill Drummond, Managing Partner of Brodies, said: ‘Our decision to relocate to what promises to be a fantastic city centre development underscores our commitment to supporting our many clients in Glasgow in the long term and to the city as a thriving place to do business. We hope that our investment will contribute to Glasgow's future economic growth and will allow us to build, with the support of our clients, on the 150 jobs we have created since we first established an office in the city in 2006. We are delighted to be working with BAM on this impressive office development and look forward to following the progress of this exciting project over the next couple of years.’
John Burke, Executive Director, BAM Construct UK, added: ‘We firmly believed in this location’s ability to attract high-calibre occupiers such as Brodies. This project is about providing a sustainable business infrastructure that gives occupiers and the city a real competitive advantage. A vote of confidence by Brodies is a great boost and since they came on board interest is gathering apace. With three office developments in progress in the city, we are delighted that Brodies chose 110 Queen Street. We expect to make further announcements soon. Importantly it’s great news for Glasgow. With a lack of new build throughout the UK, buildings like this bring a real edge to the city offering accommodation to rival the best in London.’
During its construction, which is being undertaken by BAM Construction, the development will support 250 jobs and 30 apprentices.
BAM Properties has invested £40.4 million in the development with a further £9.6 million loan secured from the Scottish Partnership for Regeneration in Urban Centres (SPRUCE) Fund, established by the Scottish Government and European Regional Development Fund.
Deputy First Minister Nicola Sturgeon said: ‘I am delighted to hear of the progress made with this development since I visited the site last year. Attracting such a high profile tenant so early in construction bodes well for the future of the site and sends out the right signals - that Glasgow is an attractive place to do business. We were sure of the need for such high spec office space in Glasgow to enable it to compete more effectively with other large cities in the UK and internationally – and this is tangible evidence of that demand. I am pleased to see that our investment through the SPRUCE fund has acted as a catalyst for regeneration of this long neglected site and proves that this innovative funding model, established with Scottish Government and European Regional Development Fund money, is working.’
A further 118,000 sq ft of office accommodation will be available at 110 Queen Street along with 20,000 sq ft of retail space. Further details on the office accommodation is available from agents Cushman & Wakefield and Phil Reid Associates, and from Cushman & Wakefield for the retail space. Ryden acted for Brodies.