Top level space plan
Refurbished Ink Building aims to ease Glasgow’s office squeeze
A major refurbishment aims to significantly ease the shortage of top quality offices in Glasgow.
The Ink Building, an eight storey office block formerly known as Hanover House in the city centre, will be transformed into Grad A accommodation with completion expected in March 2020.
It will provide 35,000 sq ft in a market that is currently under-supplied for new offices at the top end. Savills is the joint agent, along with Lambert Smith Hampton.
The building was purchased by Ambassador Holdings in 2018 and is its third in Glasgow City Centre alongside Granite House and The Forsyth Building.
Colin McGhee, associate director in the office agency team at Savills in Glasgow, said: “There is no shortage of demand for high quality office space in the city centre. Employment growth is forecasted at 12% over the next five years translating to roughly 4,000 new jobs in Glasgow. Combined with severe under-supply of Grade A offices, it is clear the Glasgow market is desperately in need of high quality office space, especially in the city centre.”
Chris Richardson, Investment Director, Ambassador Group, said: “This has been a very interesting project so far and was made possible by the work undertaken by our design team Stallan Brand, PMP, Butler Consulting, Blyth and Blyth and our agents and marketing team Savills, LSH and P4P. We are also very happy to have appointed Thomas Johnstone to undertake the refurbishment works.”
Savills research shows Glasgow city centre only has enough Grade A supply available to meet the demand for seven months of Grade A take-up.