Plans for Grade A office space
Osborne+Co acquires Glasgow’s iconic Met Tower
Deal will see Met Tower in Glasgow turned into Grade A office space and serviced apartments
Property developer Osborne+Co has acquired one of Glasgow’s most prominent city centre landmarks, the former City of Glasgow College buildings known as Met Tower.
Osborne+Co and joint venture partners, Scotsbridge Holdings, have acquired the buildings at 60 North Hanover Street from City of Glasgow College with plans to extensively refurbish the current B-listed tower to deliver flexible defurbished Grade A office space together with serviced apartments on Cathedral Street.
Osborne+Co has appointed Glasgow-based architect Cooper Cromar alongside planning consultants Savills to advance the refurbishment project.
A Proposal of Application Notice (PAN) has been submitted to Glasgow City Council for the proposed mixed-use development.
The established developer is also behind a 283,000 sq. ft. office scheme on Argyle Street, which represents a £95m investment to revitalise a site that has sat vacant for 20 years.
Will Hean, development director, Osborne+Co, said: “This acquisition will allow us to capitalise on Glasgow’s current supply demand imbalance, with the market currently characterised by a dearth of flexible Grade A office space and significant pent-up occupier demand.
“We are very excited by this opportunity and look forward to refurbishing such an iconic building within central Glasgow and continuing Osborne’s investment into the city.
“We will work with the council, Historic Environment Scotland and the wider city community to deliver a refurbishment that the city will be proud of and which will attract major inward investment.”
As Glasgow’s traditional central business district expands eastward, the development is well-positioned being immediately adjacent to Glasgow’s Queen Street and only a few minutes’ walk from Central station and Buchanan Bus Station.
The development is expected to generate hundreds of jobs for the construction industry and, once complete, accommodate up to 1,200 employees.
Fares Samara, vice principal of infrastructure at City of Glasgow College, said: “We’re delighted that our super campus strategy continues to positively deliver for Glasgow. Our much-loved former college buildings on North Hanover Street are iconic in the city. We look forward to seeing the sympathetic restoration bringing them a new lease of life and the improvements the change will bring for both the local community and those visiting our city.”
Savills represented Osborne+Co; Ryden acted for City of Glasgow College, who were also supported by The Scottish Futures Trust.
Formerly the College of Building and Printing, Met Tower became an icon for the city during the Commonwealth Games featuring the familiar ‘People Make Glasgow’ brand.