GARROCH Investments has acquired Princes House in Glasgow, with the property set to be redeveloped into a Grade A office subject to planning permission.
Originally constructed in the mid-1960s, the former home of Lloyds Banking Group, and more recently Barclays, is located within Glasgow’s Central Business District.
The development has been tipped to create around 1,200 new jobs.
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. Charity Clutha Trust will be occupying the building until the period to demolition and has agreed a short term letting.
Savills acted for Garroch Investments, whilst the Vendor was represented by Gerald Eve. Mosaic Architects have been appointed as architects.
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.”