ONE of Scotland’s largest construction projects is set to go ahead after Barclays announced it is to build a new campus in Glasgow tipped to create up to 2,500 jobs.
The bank has agreed a deal with Drum Property Group to develop a new “state-of-the art” base at the mixed-use Buchanan Wharf development. The move is expected to double Barclays’ workforce in Scotland. The project has secured a funding grant from Scottish Enterprise of £12.75 million.
The deal involves the purchase of around 470,000 sq. ft. of Grade A office space. Barclays also have an option to extend their campus by an additional 210,000 sq ft in a second phase of development.
Drum is now working with the bank to finalise designs for the campus.
First Minister of Scotland Nicola Sturgeon said, “This is a project that will be transformational for Glasgow, creating up to 2,500 new jobs in the heart of the city. The new campus will strengthen Glasgow’s financial services sector and shows Scotland continues to be a highly attractive location for inward investment.
“I am particularly pleased that as part of this investment, Barclays has committed to employing local people who often face barriers into work, including those with disabilities and young people.”
Barclays COO Paul Compton added, “The Glasgow campus, alongside others in Whippany, New Jersey, and Pune, India, is part of a global strategy to create world-class facilities for our functions, technology and operations teams. This new campus at Buchanan Wharf is a flagship project for the bank, which builds on Barclays’ long history in Scotland and clearly demonstrates our commitment to supporting the UK economy. This is a fantastic opportunity to deepen our close ties with local communities and academic institutions to attract and retain the very best talent. It will be somewhere that our colleagues are incredibly proud to work.”
Councillor David McDonald, deputy leader of Glasgow City Council said, “This announcement is of historic importance to Glasgow as we welcome the single biggest inward investment to have ever come to Scotland. This development on the banks of the Clyde at Tradeston will see a huge amount of Grade A office space, new homes and new jobs coming to the city centre.
“This project – which is truly on an unprecedented scale – is a game-changer for Glasgow, and will transform not only Tradeston and this part of the waterfront, but our wider economy as opportunities become available for the people and business of the city and those wishing to invest here.”
Graeme Bone, MD of Drum Property Group commented, “Buchanan Wharf is setting a new benchmark for large scale development across Scotland, and we are delighted to have secured Barclay’s spectacular new campus at its heart. Our development will be one of Scotland’s largest single-site construction projects, bringing together over a million square feet of prime Grade A office space with residential accommodation, and an exciting mix of amenities and landscaped public spaces.
“It will be a stimulating and attractive environment in which to work, live and to visit, transforming not just this neglected part of the waterfront but the entire city centre of Glasgow – once again placing the Clyde at the heart of the city’s economic and cultural regeneration.”