THE new owners of a Glasgow office building are planning to double its size.
Premises at 150 St Vincent Street have been acquired by Clearbell Capital LLP’s new investment fund Clearbell Property Partners IV.
The building, which is currently fully let, comprises 69,000 sq ft across eight stories.
Clearbell hopes to double it to 152,000 sq ft by extending the floor plates and adding four floors. Terraces and roof gardens would be introduced.
The block would be refurbished to high sustainability credentials.
Pre-application consultation is underway with submission of proposals for planning approval due to take place in the spring.
Documents published online state: “The proposal will result in significant planning and design benefits, particularly through the retention of the existing building, with the new design offering an opportunity to enhance the visual interest of the building whilst improving its current sustainability credentials, expanding the on-site amenity provisions for workers and creating more flexible work space.”
The building was completed in 1976 and used as the Former Scottish Amicable Life Assurance Society HQ before becoming lettable office space in 1996.
It’s hoped construction would begin in 2023 for completion in 2025.
Nick Berry, partner at Clearbell Capital, said: “As we have seen since the end of lockdown, quality workspace in the right areas continues to attract tenants and to generate good rental income.
“Glasgow has long been a centre for business and is bouncing back from the impact of the pandemic.
“As well as improved office space that allows collaboration and connection, tenants are demanding strong ESG (Environmental, Social, and Governance) credentials too.
“Pressure on landlords is ramping up to deliver greener buildings than ever before.
“We are seeking to create one of Glasgow’s most sustainable office spaces and to create a workplace for the occupiers of the future.”