Homes plan for St Enoch | Atkins for Atlantic Square
Homes are planned at the St Enoch Centre
A plan has been submitted to convert part of the St Enoch shopping mall in Glasgow to homes and a hotel as another sign of the shrinking retail landscape.
Sovereign Centros’ wants to transform the former Debenhams building into offices as well as building a four-star hotel and flats.
The property developer has lodged a proposal of application notice and Environmental Impact Assessment (EIA) scoping request to the City Council with its 15 to 20-year vision for the city centre hub.
A planning application is being prepared for submission later in the year.
Guy Beaumont, director at Sovereign Centros, said: “Central to our vision is creating a more open, accessible place that retains St. Enoch Centre and the city’s strong retail and leisure offer.
“We would like to build on this by offering a more diverse range of uses ensuring improved connectivity to the River Clyde.
“It is imperative that we work closely with key stakeholders and engage with local residents and we look forward to sharing more details about the proposals soon.”
The masterplan re-imagines the St Enoch Centre as Scotland’s “foremost mixed-use development” offering retail, leisure, entertainment, a hotel, offices and city centre homes.
The proposals for an area that totals around 2.5 million sq ft include transforming the former Debenhams building into “high quality” office space and building a four-star hotel.
Sovereign Centros and the project team – which includes architect, Leslie Jones Architecture and planning consultancy, Iceni Projects – will hold further discussions with key stakeholders and a public consultation in the coming months.
Atlantic Square secures Atkins
BAM TCP Atlantic Square has secured engineering and project management consultancy Atkins as the first occupier for 2 Atlantic Square, a speculatively built Grade A office development in Glasgow’s International Financial Services District.
A joint venture between BAM Properties and Taylor Clark, 2 Atlantic Square features 96,650 sq ft across six floors with 7,000 sq ft retail/restaurant space on the ground floor.
First tenant for Building 2
Atkins is to lease 20,739 sq ft across the top sixth floor and part of the fifth floor, along with six basement car spaces.
Atlantic Square Building 2 follows the completion of Building 1, a 10 storey Grade A office building which was fully let to HM Revenue & Customs for a minimum of 20 years and sold to Legal & General.
Delay to Gyle plan
Work on a 1700-homes development at Edinburgh Park has been delayed over £1.9m of undelivered developer contributions.
London-based developer Parabola first acquired planning permission for the southern phase of its development to the north of Edinburgh Park rail station in December 2020.
However, the planning permission was granted on the condition a legal agreement between the two parties – concerning affordable housing, education and healthcare contributions – be reached within six months.
The council will consider an extension to the deadline at a meeting today.
Industrial estate sold
An industrial estate in the east end of Glasgow has been acquired in a £3.5 million off-market deal, reflecting a net initial yield of 8.59% and a capital rate of £32.50 per sq ft.
Carntyne Industrial Estate, close to the M8 and M74 motorways, spans about 100,000 sq ft and comprises 17 units ranging from 1,000 to 10,000 sq ft.
New owner: Carntyne Industrial Estate
The passing rent is £297,000 a year (£2.97 per sq ft) and a WAULT of 1.25 years.
Jamie Addison-Scott of property firm Galbraith, which advised Shed5 on the acquisition, said: ““This acquisition meets our client’s investment criteria.
“We were able to act decisively in this off-market acquisition and Shed5 look forward to working with tenants in carrying out their asset management strategy.”