Developer warns of long wait for new offices
Whyte & Mackay quits HQ for new development
Whisky company Whyte and Mackay is leaving its headquarters in Glasgow city centre to become the first occupier of a new block across the road.
The firm will vacate Dalmore House in St Vincent Street, which has been its home for 25 years, to take space at the St Vincent Plaza development (pictured).
It will relocate early next year and will take the entire fourth floor of the 11-storey development comprising 17,726 sq ft of the the building’s 172,280 sq ft of space. Fit out work will begin shortly.
The move comes as Christopher McPherson, development director of the building’s developer Abstract, said the pace of demand was outstripping supply in Glasgow and warned that it could be three years before the next speculative development is available.
“Occupier interest in Glasgow has been very strong through 2015 and the number of current enquiries for the city far outweigh the availability of ‘Grade A’ offices.
“Space is letting up fast and there have been no new build starts so the next new building is probably around three years away.
“Interest levels in St Vincent Plaza since we completed the development have been extremely encouraging and the comments that we have received following viewings of the property are overwhelmingly positive in terms of the quality of the building itself and the accessibility of the immediate location.
“Scottish Power are due to complete their HQ opposite us in 2016 and with Santander adjacent, and a number of other significant occupiers in close proximity this is the fastest developing office location in the city. We fully expect further letting announcements to follow very soon.”
Bryan Donaghey, chief executive of Whyte and Mackay, said: “Our relocation was necessitated by the need to upgrade the quality of our working environment for both our staff and our customers.
“St Vincent Plaza’s close proximity to our existing offices, combined with its large open floor plans, views around the city, and excellent environmental ratings made the decision for us. We are very excited about the move and will be undertaking a state of the art fit out to meet the needs of our global business.”
Joint agents for St Vincent Plaza are CBRE and Ryden. GVA James Barr represented Whyte and Mackay.