Princes House to be replaced by new offices
Princes House will be redeveloped
A 1960s-built office block in central Glasgow will be demolished to make way for a new development.
Garroch Investments has acquired the Princes House building for an undisclosed amount.
The property, formerly home to Lloyds Banking Group and more recently Barclays, will be redeveloped into Grade A specification offices.
It occupies a prominent corner plot on Waterloo and West Campbell Street and could accommodate up to 1,200 employees.
Andrew White, development manager and shareholder of Garroch Investments, said: “I have been looking for an office development opportunity in Glasgow for the last couple of years, and I am delighted that, with Savills assistance, Garroch has been able to secure such a prime opportunity in the current development cycle where there is such a shortage of Grade A accommodation.”
During the course of the transaction, the lease expired and the building became vacant.
Clutha Trust will be occupying the whole building until demolition and has agreed a short term letting at a nominal rent. Clutha Trust is a Scottish charity which supports the arts, heritage, culture and science for those in need. It will provide office space for many different smaller charities in the city centre.
Stuart Orr, director in the investment team at Savills Glasgow, said: “Much focus and discussion on offices has centred on the ESG agenda recently. Only 2% of Glasgow’s total supply of offices carries an EPC A rating, so clearly there’s a lot of work to be done in the city to improve the environmental and sustainability credentials.
“Subject to securing the necessary planning permission, it is Garroch’s vision to help provide a solution with a brand new building meeting the highest environmental credentials and providing the city with much needed new stock.”
Savills acted for Garroch Investments, whilst the vendor was represented by Gerald Eve. Mosaic Architects has been appointed for the design.