St Vincent Plaza Glasgow, Abstract Securities Property, Spec Office Strathclyde News

St Vincent Plaza : Speculative Office Development Glasgow

IFSD Building Development by Keppie Design for Abstract Securities Ltd

3 Feb 2016

St Vincent Plaza Glasgow

Architects: Keppie Design

image courtesy of architects practice

St Vincent Plaza Glasgow Development

Abstract has completed another letting at its St Vincent Plaza development in Glasgow to a public sector body. The building will be occupied as the new Glasgow base for Registers of Scotland (RoS), a non-ministerial government department, and follows hot on the heels of recent lettings to Whyte and Mackay and KPMG.

RoS will relocate from Hanover House in Douglas Street and will take the entire third floor of the development comprising 17,294 sq. ft. on a new 15 year lease from January 2016.

It is envisaged that fit out work will begin in the coming months, with RoS moving in the second half of 2016.

St Vincent Plaza is a speculative ‘Grade A’ office development of 172,280 sq. ft. arranged on lower ground, and 10 upper floors, that was completed late in 2015. The building occupies a prominent position in Glasgow City Centre and has been designed to support highly efficient occupancy levels from day one.

With a BREEAM ‘Excellent’ environmental accreditation and an EPC B rating, the development provides the most cost effective new build city centre office accommodation anywhere in the UK.

Mark Glatman, Chief Executive of Abstract, commented: “We are delighted to add Registers of Scotland to our list of fantastic occupiers at St Vincent Plaza. There are some big uncertainties in the world at the current time but the Abstract approach to development, offering a great quality ‘Grade A’ office at a really competitive pricing point, continues to appeal to occupiers who want uncompromising value from their operational property and who see that Abstract buildings create an asset to their businesses rather than just an overhead.”

Sheenagh Adams, Keeper of the Registers of Scotland, said: “This is a fantastic office space that will bring us significant improvements – the space is more flexible, and will reduce our carbon footprint by more than 50 per cent. This new space will support our digital transformation, helping us to deliver the products and services that Scotland needs from RoS.”

Christopher McPherson, Development Director of Abstract Securities said, “The letting to Registers is a further positive endorsement of this development. We have let almost 75,000 sq ft in the last few weeks and interest levels remain strong. We are now the only building in the City which can offer close to 100,000 sq ft of new ‘Grade A’ space in a variety of sizes.

“Prospective tenants will not have the opportunity to take new space offering this combination of quality and value again – our pricing point is less than much of the second hand stock in the City.

“There is a lot of talk about new schemes in Glasgow but no-one is actually building. Our message to occupiers is don’t delay coming to talk with us if you have office requirements in the next two years or you will probably miss the boat.’’

Joint agents for St Vincent Plaza are CBRE and Ryden.
Cushman & Wakefield represented Registers of Scotland.

For more information visit www.stvincentplaza.com

17 Oct 2013

St Vincent Plaza Development

Construction Starts on Abstract Securities’ ‘St Vincent Plaza’, Glasgow

Architects: Keppie Design

Construction has commenced on St Vincent Plaza, a 170,000 sqft scheme following the completion of site clearance works.

The building, which will create approximately 250 new construction jobs, will have an end investment value of £65m and be able to accommodate around 2,000 staff when it completes in early 2015.

St Vincent Plaza, which will be built at 303 St Vincent Street by Abstract (Glasgow) Ltd:

images from developer

St Vincent Plaza will comprise 170,000 sqft of office space, built to a ‘Grade A’ specification, with rents from just £23 per sqft – significantly undercutting current headline rents in the City. This landmark development, located opposite the HQ for Scottish Power, will be one of the key elements in the next phase of Glasgow’s IFSD, and will be the most cost effective new build office development in the City.

26 Apr 2013

Abstract Securities Development in Glasgow

Planning Consent Granted for Abstract Securities’ ‘St Vincent Plaza’, Glasgow

Architects: Keppie Design

ABSTRACT ANNOUNCES START ON SITE FOR ‘ST VINCENT PLAZA’, GLASGOW

Abstract (Glasgow) Ltd – a wholly-owned subsidiary of Mark Glatman’s Abstract Securities Ltd – has announced that it has completed its purchase of 303 St Vincent Street and on site construction works are due to commence in a matter of days for its speculative high quality office scheme, ‘St Vincent Plaza’ in Glasgow City Centre, located at the gateway to Glasgow’s International Financial Services District (IFSD).

CGI shows: St Vincent Plaza building design at 303 St Vincent Street:

images from developer

The building will deliver an extremely high specification and will comprise a lower ground, ground and ten upper floors together with 78 car parking spaces. St Vincent Plaza will offer flexible, virtually column-free floorplates of 17,000 sq ft; a feature penthouse office level with terrace, and some of the best views in the City. It has been designed to a BREEAM ‘Excellent’ standard and an EPC ‘B’ rating and will provide the most efficient and environmentally friendly office accommodation in Glasgow, delivered into a market where available ‘Grade A’ supply has all but disappeared.

Mark Glatman, chief executive of the Abstract Group of Companies said “We are delighted to confirm our move to start construction. We have been working hard over recent months to finalise various complex agreements to enable this work to commence and we are very pleased to be able to now move forward without any further delay.”

Christopher McPherson, development director of Abstract added, “St Vincent Plaza will be the most competitive speculative ‘Grade A’ office development of its kind to be completed in Glasgow for several years and is likely to be one of only a few speculative office schemes of its size outside London. Starting construction underlines our commitment and confidence in the IFSD and the City as a whole, and we are confident that the scheme will let at an early stage.

“By coming to the market with a top-quality product at a time when there is a dearth of ‘Grade A’ office space and quoting rentals from just £23 per sq. ft, we are significantly undercutting the established Glasgow market without compromising on quality and offering exceptional value for money as well as significantly reduced operational costs compared to existing City Centre stock.

“St Vincent Plaza aims to attract big name corporates thus creating more local employment and growth for Glasgow. The building not only offers great value for money at a time when occupiers have to keep a very close eye on the bottom line, but low running costs and very efficient design mean that costs per workstation will be significantly less while still maintaining an extremely comfortable working environment.”

Just minutes’ walk from both Charing Cross and Anderston train stations, St Vincent Plaza will also offer immediate access to the M8 and to Glasgow Airport just 15 minutes away, as well as several bus routes and is within easy walking distance from Glasgow’s main retail and leisure zones. The scheme has been designed by Glasgow-based Keppie Design. Bowmer & Kirkland have been appointed as the contractor. CB Richard Ellis and Ryden have been jointly appointed to market St Vincent Plaza.

7 Feb 2012

St Vincent Plaza Glasgow

Planning Consent Granted for Abstract Securities’ ‘St Vincent Plaza’, Glasgow

St Vincent Plaza building at 303 St Vincent St:

image from developer

Abstract (Glasgow) Ltd – a wholly-owned subsidiary of Mark Glatman’s Abstract Securities Ltd – has announced that planning consent has been granted for its speculative 170,000 sq. ft. ‘St Vincent Plaza’ development for Glasgow City Centre.

This ‘Grade A’ building will offer a specification rarely seen outside Central London and will comprise basement, ground and ten upper floors together with 78 car parking spaces. The development is likely to be one of the only speculative office schemes of its size in the UK and will be priced from just £23 per sq. ft. – a significant discount on current headline rents in the city.

Now that planning consent for this landmark development, located at the gateway to Glasgow’s Central Business District, has been granted, site enabling works followed by full construction will start in the next few weeks. The scheme will complete towards the end of 2013.

Just minutes’ walk from both Charing Cross and Anderston train stations, St Vincent Plaza will also offer immediate access to the M8 as well as several bus routes and is within easy walking distance from Glasgow’s main retail and leisure zones.

Abstract’s Development Director, Christopher McPherson, said: “We are very pleased to announce that we now have planning consent for St Vincent Plaza and can realise our vision of creating an extremely high ‘Grade A’ specification development in Glasgow’s International Financial Services District. Our scheme will be one of the key elements in the next phase of the IFSD and will help to attract high-profile occupiers to the city, which in turns means more local employment and growth for Glasgow.”

Mark Glatman, Chief Executive of Abstract Securities, said: “Glasgow City Council has recognised that in order to attract yet more big-name corporates to the city, it is imperative that Glasgow can offer high-quality ‘Grade A’ office accommodation at an achievable cost. St Vincent Plaza is all about offering value at a time when occupiers have to keep a very close eye on the bottom line and cannot justify heavy costs. By coming to the market with a top-quality product and quoting rentals from £23 per sq. ft. we are significantly undercutting the established Glasgow market and offering exceptional value for money as well as significantly reduced operational costs. We are offering a very rare opportunity to take ‘Grade A’ space that costs less than some second hand space in Glasgow.”

Councillor Gordon Matheson, Leader of Glasgow City Council said:“The creation of St Vincent Plaza is another sign that private investors and developers retain a lot of confidence in Glasgow, and will be a welcome addition to our high-quality office accommodation. The confidence that firms aiming to use Grade A business space will find this an attractive location shows private investors’ faith in the city and points to Glasgow’s economic wellbeing. I wish all those involved in the project every success.”

St Vincent Plaza will offer flexible, virtually column free floorplates of 17,000 sq ft, a feature penthouse level with terrace, and some of the best views in the City. The building is designed to a BREEAM ‘Excellent’ standard and an EPC ‘B’ plus rating. It will provide the most efficient and environmentally friendly office accommodation in the city and will be delivered into a market where available ‘Grade A’ supply has all but disappeared.

The scheme has been designed by Glasgow-based Keppie Design. Bowmer & Kirkland have been appointed as the contractor. CB Richard Ellis has been appointed to market St Vincent Plaza with a second agent to be appointed duly.

Website: www.stvincentplaza.com