Glasgow Investment Guide

Transcription

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@invest_glasgow
Invest Glasgow
+44 (0) 141 287 8616
© INVEST GLASGOW 2016
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INVESTMENT GUIDE 2016
CONTENTS
GLASGOW AS AN INVESTMENT LOCATION
4
CITY DEAL PROJECTS
8
BESPOKE OPPORTUNITIES
COLLEGELANDS10
CITY SCIENCE
12
SIGHTHILL14
GLASGOW HARBOUR
16
GLASGOW AIRPORT INVESTMENT AREA
18
CLYDE GATEWAY REGENERATION AREA
20
GLASGOW CITY CENTRE
22
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GLASGOW INVESTMENT GUIDE
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3
GLASGOW
AS AN INVESTMENT LOCATION
Powerhouse of the Scottish economy, Glasgow is
the business, cultural, sporting and academic heart
of Scotland and one of Europe’s most vibrant and
cosmopolitan cities.
Glasgow is Scotland’s largest city with a population
of 596,650 at the centre of a metropolitan region of
1.7 million which generated €51.5 billion (40.3 billion
GBP) GVA in 2014 (source ONS). Glasgow has one
of the most highly skilled and flexible workforces in
Europe with 77% of the population of working age
(between 16 and 74), creating an adaptable labour
pool of 416,900. A working age population of 1
million is within a 45-minute commute, and 2 million
within an hour. Glasgow has a higher percentage
(40%) of residents with a qualification of N/SVQ 4
and above (undergraduate degree/professional
qualification) than the rest of the UK. Boasting
5 higher education institutions and 3 supercolleges, the city is home to a large and growing
student population of some 133,000 from over
135 countries, attracted not only by the reputation
of these institutions but also by the cultural and
entertainment opportunities in the city.
The Glasgow City Region City Deal,
worth €1.44 billion (1.13 billion GBP) and
seeking to lever €4.2 billion (3.3 billion
GBP) of private investment, will provide
a once-in-a-generation investment into
the city region infrastructure over the
next 20 years with a pipeline of major
infrastructure programmes.
The projects which, through public sector initiatives
will create opportunities for private sector
investment include Sighthill Transformational
Regeneration Area (TRA) in the north of the city
centre and the Glasgow Airport Investment Area
in neighbouring Renfrewshire, where investment
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partners are being sought.
First for FDI Strategy across large European Cities
(Financial Times’ fDi Magazine Awards 2014/15),
and runner-up in the same category in 2016/17,
the appeal of Glasgow and its city region as an
investment location is driven by a number of key
attributes.
VIBRANT ECONOMY
Glasgow generated €24.7 billion (19.3 billion
GBP) GVA for the national economy in 2014, the
largest of any Scottish city. From 2013 to 2014,
Glasgow’s GVA increased by 7%, the highest
increase of any UK city (source ONS). With 31,000
registered businesses, Glasgow has a modern,
diversified economy with strengths in a variety of
sectors and sub-sectors including financial and
business services, engineering and high value
manufacturing, higher and further education,
cleantech and renewables, life sciences, and
tourism and major events.
ENTERTAINMENT HOTSPOT
Recent investment in events infrastructure,
including the SSE Hydro Arena and Emirates Arena,
has quickly established the city as one of the
world’s entertainment hotspots. In 2016, the SSE
Hydro Arena has been recognised as one of the
most successful entertainment venues in the world
by taking top spot on the BILLBOARD venue charts
and achieving 3rd position in the Pollstar Top 100
global arenas. With over 140 events per annum in
this venue alone, there is increasing pressure on
the city’s hotel accommodation to meet growing
demand. Despite over 1,500 new bedrooms in
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the current development pipeline, a priority for
Glasgow going forward is to accelerate the growth
of the accommodation sector, adding more 4 and
5 star hotel bedrooms and city centre serviced
apartments to current stock.
INSPIRING WORKSPACES
The grid-like street pattern makes Glasgow an
easy city to navigate and the positioning of the
two mainline stations, subway system and other
transport links creates an easily identifiable
Central Business District, with the award-winning
International Financial Services District (IFSD). The
world-class retail and leisure facilities contained
immediately within and adjacent to the Central
Business District are crucial to occupiers in terms of
staff satisfaction and retention.
Glasgow’s attractive and well conserved Victorian
and Georgian architecture, has not constrained the
transformation of the city’s skyline with a number of
award-winning technologically advanced landmark
office blocks, many boasting EPC A and BREEAM
Excellent rating, shining brightly around the core
business area.
Three new speculative office developments
(substantially let up already) completed in 2015,
producing a total of 43,000m² (470,000ft²) of new
office accommodation, with additional bespoke
offices of 20,400m² (220,000ft²) also under
construction for ScottishPower by way of a pre-let.
These developments are Connections, 110 Queen
Street (62% let), 1 West Regent Street (75% let), St
Vincent Plaza (45% let) and 314-320 St Vincent
Street (100% pre-let to ScottishPower).
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Early in 2016, Morgan Stanley endorsed the city’s,
and specifically the IFSD’s, appeal to business and
global banking, by announcing their relocation and
expansion in the city to the Bothwell Exchange site
at 122 Waterloo Street. Piling work has commenced
on site by developer, HFD Group, and there will
be a speculative element to the development
at 177 Bothwell Street extending to 10 storeys
19,500m² (210,000ft²) on the site previously
occupied by Glasgow’s renowned Albany Hotel.
This development will provide large floor plates of
2,040m² (22,000ft²).
A diverse range of modern, efficient office floor
plates from 7,000sq ft – 30,000sq ft is provided in
the Central Business District, within landmark Grade
A buildings – many winning awards for architectural
merit. Over 1.4 million sq ft of new office space has
been delivered into the Central Business District
since 2009, largely developed by the private sector.
Further new Grade A space has been delivered
into Clyde Gateway (27,400m² – 295,000ft²) and
Collegelands (8,360m² – 90,000ft²) in the same
period. In addition a further 186,000m² (2 million ft²)
is consented within Clyde Gateway and a further
37,160m² – 400,000ft² proposed at Collegelands.
At the smaller end of the spectrum, many of the
period townhouse buildings offer more traditional
features, combined with modern open plan work
space, in the form of good quality Grade B space,
usually redeveloped behind a listed façade. A
variety of floor plate sizes are provided in this
category up to around 840m² (9,000ft²), although
averaging about 280 – 372m² (3,000 – 4,000ft²).
In parts of the city, Glasgow’s industrial heritage
is reflected in modern design with developers
responding to the need of some occupiers to have
boutique workspace, often with exposed services
or other forms of non-traditional office space (e.g.
The Whisky Bond, The Albus and The Hub).
With three speculative developments completed
in 2015 and the existing stock filling rapidly, an
opportunity presents itself for investors to refurbish
existing buildings and some are already underway
at 100 West George Street, 9 George Square, 100
Queen Street, and Elphinstone House, West Regent
Street.
A number of development sites contained
within the Central Business District are suitable
for office, hotel, or residential development
creating numerous investment and development
opportunities in the city.
PEOPLE MAKE GLASGOW HOME
In 2015, in response to the city’s growing
population and to support our thriving economy
and inward investment offer, Glasgow City Council
launched a new housing strategy, People Make
Glasgow Home, committing to building 25,000
new homes in the next 10 years.
Key areas of this strategy include: land release
for the development of affordable homes, helping
first-time buyers to access mortgages, turning
empty shops into housing, releasing 20 sites
for development by housing associations in the
first year of the strategy, publishing a statement
on student accommodation in Glasgow and
developing sites for self- and custom-build houses.
QUALITY OF LIFE
One of the highest ranking UK cities for Quality of
Life (Mercer 2016 Quality of Living Worldwide City
Rankings) with ambitions to become one of the
most sustainable cities in Europe and recognised
internationally as a smart city of the future, Glasgow
is a city where business, sport and international
culture flourish.
The diversity of the city offers something for
everyone, from a vast array of cultural activities to
close proximity to nature and parks. Among the
highlights of what the city has to offer are the world
renowned Kelvingrove Art Gallery and Museum, the
Riverside Museum, the Glasgow Science Centre,
the SSE Hydro Arena and a year-round programme
of international events.
Glasgow is the UK’s second retail city after London
(CACI 2015) and has a vibrant café, restaurant, pub
and music scene. Glasgow is home to top-rated
academic institutions and a superb selection of high
quality housing, including apartments on the River
Clyde and generously proportioned Victorian flats
in the West End.
CONNECTIVITY
Glasgow is a compact city and transport options are
plentiful. The city centre is within an hour’s drive of
three international airports, with Glasgow Airport
only 15 minutes away. Rail and motorway links are
also extensive and commuter/passenger services
are frequent, reliable and well maintained.
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CITY DEAL
PROJECTS
THAT WILL BENEFIT BESPOKE OPPORTUNITIES
In the next 10 years Glasgow’s infrastructure will
receive a major boost from the injection of €1.44
billion (1.13 billion GBP) of City Deal funding.
Key Glasgow projects are:
CITY CENTRE
Project budget: €147.5 million (115.5 million GBP)
Glasgow city centre is the UK’s second most
important centre for retail and third for finance.
The centre has 150,000 jobs, 40,000 students,
attracts 100,000 commuters every weekday, has
a population of 28,000 and generates over a third
of Glasgow’s GDP. Glasgow City Council’s City
Centre Strategy aims to ensure the area retains and
builds on this position by promoting opportunities
for growth and investment, and the City Deal will
deliver enabling infrastructure to capitalise on
these opportunities. This will come in the form of
work to improve the public realm at key city centre
locations, including the resurfacing of streets and
pavements; ‘smart’ infrastructure such as surface
water management systems and adaptable
lighting systems; the creation of avenues of trees;
segregated cycle lanes; underground facilities and
reductions in vehicle traffic.
Glasgow is also investing heavily in improving
infrastructure to create modern and future-proof
digital solutions for the city including 100% digital
telecoms and 4G mobile capability as well as free
public outdoor WiFi access throughout the city centre.
CLYDE WATERFRONT AND WEST END
INNOVATION QUARTER
This area has fantastic assets, such as the new
Queen Elizabeth University Hospitals Campus,
University of Glasgow, Pacific Quay and the West
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End itself, which would benefit from even better
travel connections. The key objectives for this
project are to unlock the development potential
of vacant and derelict sites for employment and
housing; to enhance clustering and stimulate
growth in the Life Science and Higher Education
sectors and to maximise the benefits of existing
high value industries.
The project will deliver a new bridge, a new
pedestrian cycle route between the new Queen
Elizabeth University Hospital Campus, Govan,
Pacific Quay and the city centre; a new South Bank
pedestrian route; a new North Bank cycle and
pedestrian route; and public realm improvements
from Govan Cross into the heart of the West End.
CANAL AND NORTH GATEWAY
Project budget: €107 million (83.7 million GBP)
This area’s strategic location as a gateway to North
Glasgow offers great potential to capitalise on its
assets, including knowledge-based industries on
the north side of the city centre, the Sighthill TRA
project, a growing cultural industries cluster, new
leisure and recreation facilities and a number of
vacant development opportunity sites.
City Deal funding will deliver improved access to
the cultural and creative hub at Spiers Lock and
Port Dundas, including enhanced public realm;
improve access and remediation; the remediation
of land and creation of services and circulation
roads at Sighthill; and help fund the building of a
new pedestrian and a new traffic bridge in Sighthill.
COLLEGELANDS, CALTON BARRAS
Project budget: €34.5 million (27 million GBP)
The location of this area is immediately to
the east of Glasgow city centre and adjacent
to major economic drivers and projects
such as the University of Strathclyde, and
the Merchant City. Further east is the Clyde
Gateway Regeneration Area and home to
Commonwealth sports facilities. City Deal
funding objectives for this project include the
unlocking of the area’s development potential
and enabling the continuation of economic
activity from the city centre to the East End and
progressing the existing Calton Barras Action
Plan by improving infrastructure, quality of land
and travel connections. The specific activities
proposed for this project include improved
access to High Street railway station; upgrading
of key streets; enabling the further development
of the Collegelands site to include a hotel,
more office space and leisure facilities; a new
foot bridge providing a key link between Duke
Street and Armour Street; and the remediation
of land at the former meat market site at
Bellgrove to create an attractive development
site close to the city centre.
This project will enhance the City Science
(ITREZ) site.
METROPOLITAN GLASGOW STRATEGIC
DRAINAGE PARTNERSHIP
The MGSDP was formed to tackle the
deficiencies in Glasgow’s drainage infrastructure
identified after the 2002 floods. Its work to
make improvements and to minimise the social,
economic and environmental impact of flooding
on homes and businesses, as well as removing
constraints on investment and regeneration,
has attracted national and international interest.
The City Deal business case for this proposes
14 schemes across the city, including modifying
the Forth & Clyde Canal in Glasgow to allow
the canal to provide the drainage solution for
neighbouring key regeneration sites; and citywide surface water management plans.
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COLLEGELANDS
LOCATION
• Office space – 37,200m²
The entrance to Collegelands is on the corner of
High Street and Duke Street adjacent to High Street
rail station. As an extension to the city centre, the
site is just 10 minutes’ walk from the city’s Queen
Street rail station and approximately 500m to the
east of George Square.
• Up to 5,000m² of retail, restaurant and café space
OVERVIEW
MARKET ACTIVITY
Collegelands is one of Scotland’s largest
regeneration projects with the total site owned by
Glasgow City Council, Dawn Group, Merchant City
Properties and Scottish Enterprise.
Dawn Group has concluded a pre-let to Moxy
Hotel subject to planning consent being obtained.
The proposal is for 180 bedrooms with a ground
floor restaurant and bar. This popular European
Hotel Group is expanding in the UK and is owned
ultimately by retailer IKEA.
Collegelands will create an exciting new mixed use
quarter extending the Merchant City on the east
side of the city. It presents an ideal opportunity
for developers to play a pivotal role in shaping its
offering. The award-winning Merchant City has an
array of fashionable bars, niche retailers, theatres
and galleries which complement the development
perfectly.
The site is located close to the University of
Strathclyde campus, as well as the new City of
Glasgow College campus. Collegelands sits to the
south of Glasgow’s main hospital complex – the
Glasgow Royal Infirmary.
Phase 1 of the development is now fully operational:
• 8,175m² office space (occupied by Glasgow City
Council)
• 1,170 multi-storey car park (operated by City
Parking)
• 588 bed student residency (operated by Watkins
Jones)
Phase 2 of the development has now commenced
with the construction of a second new build student
accommodation block on site comprising 257
studio bedrooms (developed by Legacy Student
Living – now complete).
• A 180 bedroom hotel with bar and restaurant
facilities
• Student village with ancillary uses
•Residential
WHY WE SUPPORT
THIS PROJECT
Bilfinger GVA endorse Collegelands
as a business location due to its
proximity to the retail and leisure
amenities within the Merchant
City Area and public transport
connections. These key attributes
will be further enhanced within
this development by the opening
of the Moxy Hotel improving the
ground floor streetscape. More
significantly, the transformation
and improvement proposed to the
High Street Station will be key to
employers deciding to locate here.
Glasgow City Council relocated
here in 2009, underlining the
attractiveness to key occupiers.
QUICK FACTS
LOCATION
LANDOWNER
PROJECT SIZE
TYPE
INVESTMENT TYPE
CONSTRUCTION
STATUS
Collegelands, High Street, Glasgow G4 0PU
Glasgow City Council, Dawn Group,
Merchant City Properties & Scottish Enterprise
Phase 1 – €127.7 million
(100 million GBP) complete
Mixed Use
Developer Finance/Co-investor
Phase 1 now complete (2015)
Phase 2 now commenced
CONTACT
Colin MacKenzie, Knight Frank
Tel: +44 (0) 141 566 6024
Russell Stewart, Dawn Group
Tel: +44 (0) 141 285 6700
Mark Thomson, Glasgow City Council
Tel: +44 (0) 141 287 6031
INVESTMENT OPPORTUNITIES
Collegelands offers further significant investment
opportunities:
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CITY SCIENCE
(incorporating the International Technology and Renewable Energy Zone (ITREZ))
LOCATION
KEY INVESTMENTS
The City Science site, totalling some 11,520m²
(2.84acres), lies in a key location within central
Glasgow’s eastern quarter. The site bounded by
George Street, Albion Street and Shuttle Street is
located at the transition point between the University
of Strathclyde’s John Anderson Campus to the north,
the vibrant, mixed use Merchant City area to the
south, the regenerated Collegelands area to the east
and the Central Business District to the west. It is
within easy walking distance of the city centre and
Glasgow’s primary travel hubs.
• The prestigious Fraunhofer Gesellschaft has
selected the Technology & Innovation Centre
as the location for its UK headquarters and the
Fraunhofer Centre for Applied Photonics.
OVERVIEW
The City Science site is home to ITREZ – Scotland’s
International Technology and Renewable Energy
Zone, a global R&D hub bringing business and
academia together to work collaboratively on the
development of the offshore renewables sector.
• The Technology Strategy Board (TSB) has
established its UK ‘Catapult’ innovation centre
for offshore renewables in the inovo building.
The project is backed by €12.8 million (10
million GBP) a year of TSB funding over the
next 5 years.
• Major developers SSE, ScottishPower
Renewables and Gamesa have their Centres
of Excellence in Glasgow.
• SSE’s €25.6 million (20 million GBP) centre
in Waterloo Street also houses Mitsubishi,
Siemens and Atkins.
• Two new innovation centres based in the inovo
building:
The first phase of the scheme sees two buildings
constructed on the site:
inovo – Scottish Enterprise’s Industry Engagement
building extends to 4,800m² in total over five floors
and incorporates an on-site café and business lounge
area – this is ideally suited for companies who want
to work alongside the University of Strathclyde
and be close to key players in the renewables and
enabling technology sectors. Office suites from
19m² up to 836m² (200 up to 9,000ft²) are available
through letting agents Bilfinger GVA.
Technology and Innovation Centre (TIC) – the
building offers 25,000m² (270,000ft²) of space
and shared facilities including – executive meeting
spaces, lecture theatres, conference space, specialist
equipment and lab space, and catering and café.
It brings together all the key areas of research
strengths of the University of Strathclyde and
creates an environment where businesses can work
alongside academia on industry-driven research.
Within it, 850 academics will work in partnership with
industry tenants, focusing on key themes:
• Energy – solving global energy needs from the
creation of advanced low carbon and renewable
technologies
• Future Cities – understanding cities world-wide in
new ways, to make them better places to live, work
and invest in
LOCATION
DEVELOPER
PROJECT SIZE
TYPE
INVESTMENT TYPE
CONSTRUCTION
STATUS
CENSIS – Centre of Excellence for Sensors
and Imaging Systems – encouraging
collaboration and innovation to develop
products and services for global markets.
WHY WE SUPPORT
THIS PROJECT
The completion of the TIC Building
in 2015 and inovo in 2013 has
transformed the skyline along
George Street and Albion Street.
Bilfinger GVA endorse this zone
due to its close links with University
of Strathclyde and the ability for
businesses to work closely with
academia in terms of sourcing
graduates with the correct skills base.
• Health – addressing the world-wide need to
improve quality of life, within disease management
and prevention, through health technologies
• Manufacturing – resolving global challenges
by the creation of advanced manufacturing and
engineering technologies.
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QUICK FACTS
IBioIC – Industrial Biotechnology Innovation
Centre – Promoting collaboration, innovation
and commercial application for new
technologies and ideas.
George Street, Glasgow G1 1EX
University of Strathclyde/
Scottish Enterprise
Phase 1 – over €127.7 million
(100 million GBP)
Mixed Use
Developer Finance/Co-investor
Phase 1 now complete (2015)
New master plan for Phase 2 & 3
being developed
CONTACT
City Science/ITREZ offers significant investment
opportunities:
• Co-location with some of the largest offshore
wind developers and their supply chain
Alison Taylor, Bilfinger GVA
Tel: +44 (0) 141 305 6381
Ellen Stevenson, Scottish Enterprise
Tel: +44 (0) 141 242 8341
E: [email protected]
• A new master plan vision for the area to
further enhance the existing infrastructure
• Capacity for a series of additional buildings
on site (approximately 18,600m²)
• One location for world class research and
expertise
MARKET ACTIVITY
Recent lettings within the inovo office building
have achieved rentals of £22.50 per ft² to k2,
Scada and Datalytics. Most of the remaining
space is under offer within this Grade A
development.
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SIGHTHILL
LOCATION
The Sighthill TRA site lies immediately to the north
of the city centre with a direct route from the
city’s George Square. The area between the site
and George Square is occupied by the University
of Strathclyde, the City of Glasgow College and
Glasgow Caledonian University Campuses with
student accommodation, light industrial uses and
the Royal Infirmary complex.
OVERVIEW
Sighthill is the largest of eight Transformational
Regeneration Areas (TRAs) in Glasgow and one
of the key infrastructure projects within Glasgow’s
City Deal. The €320 million (250 million GBP)
masterplan for the area includes:
Glasgow City Council is seeking development
partners and is open to discussion with any
interested parties, subject to public procurement
regulations.
MARKET ACTIVITY
The 141 unit development was started in January
2014 by GHA and completed in summer 2015.
The remainder of the site came to market in
summer 2015. The site has an overall surface of
50 hectares and is split into 2 distinct areas;
Fountainwell and Pinkston.
• 141 units of social rented housing for Glasgow
Housing Association (GHA) NOW COMPLETE
• approximately 650 new homes for sale and
alternate tenures
WHY WE SUPPORT
THIS PROJECT
• 500 student accommodation places
• a new campus school
QUICK FACTS
LOCATION
Sighthill, Glasgow
LANDOWNER
Two main civic landlords:
Glasgow City Council,
Glasgow Housing Association
PROJECT SIZE
€320 million (250 million GBP),
50 hectares
TYPE
Mixed Use
INVESTMENT TYPE Developer Finance/JV partner/Co-investor
CONSTRUCTION
Phase 1 complete in 2015.
Phase 2 now commenced.
• commercial and community facilities
• a new pedestrian land bridge linking the area to
the city centre
• a new road bridge linking the area to the north
and west of the city
• a revitalised Sighthill Park
Land ownership of the site is primarily with two civic
landowners, Glasgow City Council and Glasgow
Housing Association. The rest of the area is owned
by a small number of third parties. Any minor
residual or additional land required for the purpose
of the TRA will be reviewed via a voluntary or
compulsory purchase order process.
Bilfinger GVA support this project
as the area has stunning views
over the Glasgow skyline and
plenty of recreational space along
the canal basin for business and
residents to enjoy. The improved
links with Glasgow city centre and
proximity to the motorway network
are key to unlocking the potential
of this previously deprived area
of the city. BGVA also believe
surrounding areas in Port Dundas
and Cowcaddens will improve as a
result of this investment.
CONTACT
Ian Davie, Principal Surveyor
Tel: +44 (0) 141 287 9970
Jackie Harvey, Lead Project Manager
Tel: +44 (0) 141 276 7194
www.glasgow.gov.uk/sighthill
This major regeneration project offers significant
investment opportunities across a range of sectors:
•Residential
• Student accommodation
• Commercial and community
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GLASGOW
HARBOUR
LOCATION
MARKET ACTIVITY
Situated on the banks of both the River Clyde and
the River Kelvin, Glasgow Harbour has a unique
waterfront location only a short distance from the
city centre.
Dandara has gained consent for 300 private
rented flats which will be completed in 2018.
OVERVIEW
The result of the regeneration of Glasgow’s
waterfront, Glasgow Harbour is a new district in the
vibrant West End providing an integrated mix of
high-quality commercial, residential, retail, leisure
and public space.
A 52 hectare (130-acre) integrated development,
with an investment value of over €1.53 billion (1.2
billion GBP), Glasgow Harbour is one of the largest
waterfront regeneration projects within the UK,
and will be a major contributor to the growth of
Scotland’s economy.
The commercial district has distinct advantages
for both local and international companies, the
residential development offers highly desirable
luxury homes, and the urban retail outlet and leisure
space will provide a high quality destination for
both local residents and tourists with a wide range
of facilities including cinema and restaurants.
KEY INVESTMENTS
Phases 1 and 2 are complete and comprise riverside
flatted accommodation with 1150 flats completed.
The new riverfront museum has been constructed
by Glasgow City Council on ground provided by
Peel and attracts 1 million visitors per annum.
€63.9 million (50 million GBP) has been invested
in public realm and infrastructure including a
pedestrian bridge directly linking the site to Partick
Transport Hub.
Planning consents for a Whisky Centre and a
3 star hotel have been granted at the east end of
the site adjacent to the SECC and SSE Hydro.
1200 student beds have been consented and
constructed with consent for a further 700
recently granted.
WHY WE SUPPORT
THIS PROJECT
BGVA support this project, as
it’s one of the largest waterfront
regeneration projects in the UK and
the emergence of Glasgow Harbour
as a new and exciting destination.
Glasgow Harbour is staking its place
alongside other successful waterfront
developments across Europe like
Aker Brygge in Oslo. Over and above
its waterfront aspects, Glasgow
Harbour has massive locational
advantages from its proximity to a
major transport hub offering rail,
bus and underground services, road
communications and its proximity
to Glasgow’s West End – a densely
populated and affluent residential
area. Glasgow Harbour meets the
requirements of the ever expanding
nearby population for housing, work
and play.
QUICK FACTS
LOCATION
LANDOWNER
PROJECT SIZE
TYPE
INVESTMENT TYPE
CONSTRUCTION
Clyde Waterfront, Clyde/Kelvin confluence, west of city centre
Peel Holdings, Glasgow Harbour
€1.53 billion (1.2 billion GBP)
Mixed development
Developer Finance
Phases 1 & 2 complete
CONTACT
Bill Colville, Cushman & Wakefield
Tel: +44 (0) 141 248 4433
Euan Jamieson, Glasgow Harbour
Tel: +44 (0) 141 433 7549
A wide range of commercial, office, residential,
leisure development and occupational opportunities
exist.
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GLASGOW
AIRPORT
INVESTMENT AREA – RENFREWSHIRE
LOCATION
Eight miles from Glasgow city centre and 5 minutes
from Paisley Town Centre, the Glasgow Airport
Investment Area in Renfrewshire forms a large
60 hectares, internationally connected greenfield
site, on the banks of the White Cart River and
immediately adjacent to Glasgow International
Airport. The site provides direct access to
Scotland’s major motorway network and a fifteen
minute journey time to Glasgow city centre, and
will serve as an international gateway via Glasgow
Airport, which has thirty airlines providing routes
to over 130 destinations across the UK, Europe,
Middle East and North America.
This major project offers significant investment
opportunities across a range of sectors, or clusters:
The site adds to an established network of thriving
business locations and growing number of quality
residential riverside developments. As a result of
a €1.44 billion (1.13 billion GBP) investment in The
Glasgow City Region City Deal, Renfrewshire will
receive over €349 million (273 million GBP) in
major transport and infrastructure improvements
to enhance connectivity further. This will include a
new River Clyde bridge linking Glasgow’s West End
to the Airport Investment Area, and a direct rail link
between the airport and Glasgow city centre.
OVERVIEW
The Airport Investment Area will:
• enable large scale airport and terminal building
expansion to cater for continuing growth in
passenger services.
• create an international business park immediately
next to an international airport and with direct
motorway links.
•logistics
• advanced manufacturing
QUICK FACTS
• aviation services (including MRO and cargo)
• commercial office space
LOCATION
Glasgow Airport
PROJECT SIZE
€255.5 million (200 million GBP),
60 hectares
TYPE
Business Park
INVESTMENT TYPE Developer/Finance/JV partner
CONSTRUCTION
Principal infrastructure completed 2018 – 2020. Development phased thereafter.
•hotels
Renfrewshire Council and Glasgow Airport are
seeking JV partners who can contribute to the
delivery of this project.
WHY WE SUPPORT
THIS PROJECT
BGVA endorse this opportunity
as the Airport Investment Area
represents a unique opportunity in
Scotland for a large scale commercial
development, in close proximity to
an international airport.
CONTACT
Alasdair Morrison, Head of Regeneration, Renfrewshire Council
Tel: +44 (0) 141 618 4664
To Glasgow >
Ross Nimmo, Head of Planning & Development, Glasgow Airport
Tel: +44 (0) 141 848 4979
Glasgow city centre and Glasgow
International Airport are two of the
principal drivers for the city-region
and therefore their connectivity and
inter-relationship from a commercial
perspective further enhance this
opportunity.
• offer a distinct business district suitable for a
variety of occupiers serving regional, national and
international markets.
• be supported by major infrastructure
improvements linking the Investment Area with
existing business locations, Glasgow city centre
and beyond.
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19
CLYDE
GATEWAY
LOCATION
• 230 residential units
Just five minutes by train to the east of the centre
of Glasgow, the Clyde Gateway area has benefited
from €1.92 billion (1.5 billion GBP) investment to
date with 50,000m² (540,000ft²) of award-winning
business space now completed and 2000 new
homes now occupied. The area’s accessibility by
both road and rail is already proving a major draw to
investors and residents with three railway stations
and three junctions of the newly extended M74 as
well as the new Clyde Gateway access road serving
the area.
• Supporting local retail facilities
OVERVIEW
Dalmarnock offers a large scale mixed use
development opportunity with a range of serviced
sites available and accessible by new and
upgraded road, rail and pedestrian networks.
Bordered by the River Clyde and the new National
Business District opportunity at Shawfield to the
south, and the new Clyde Gateway distributor
road to the north, the Dalmarnock opportunity is
centred on the area adjacent to the €14 million
(11 million GBP) newly upgraded Dalmarnock train
station, the new €28 million (22 million GBP)
Police Scotland Regional HQ and the 700 home
2014 Commonwealth Games Athletes Village.
The Legacy of the investment associated with
the Games means the area is now home to the
outstanding sporting facilities of the Emirates Arena
and Sir Chris Hoy Velodrome as well as Celtic
Football Club’s 60,000 seat stadium all within a 5
minute walk of Dalmarnock station.
• Dalmarnock Riverside: south facing riverside sites
lying immediately opposite the National Business
District at Shawfield, capable of accommodating
circa 10,000m² (107,500ft²) of commercial space
• Central Dalmarnock: residential development
opportunities for circa 300 units
MARKET ACTIVITY
Recent lettings of Grade A offices at One
Rutherglen Links to SPIE, and to Peebles Media
and MadeBrave at the BCO award-winning Albus.
Other recent lettings to Glasgow University at the
restored Olympia Building, all in the past 6 months.
WHY WE SUPPORT
THIS PROJECT
Bilfinger GVA support this project
as the Clyde Gateway regeneration
programme has achieved
international success.
Private sector occupiers now see
Clyde Gateway as a very well
connected business destination
offering high quality sites and
premises which deliver operational
efficiencies for occupiers.
QUICK FACTS
LOCATION
PROJECT SIZE
TYPE
INVESTMENT TYPE
PHASING
STATUS
Dalmarnock, east of Glasgow city centre
€102 million (80 million GBP)
Mixed use (commercial, residential, hotel
and neighbourhood retail)
Developer/Finance/JV partner
Initial site works completed and sites
available immediately.
Further site preparation underway.
Majority of land in Clyde Gateway
ownership. Entire area master-planned,
first phases with detailed consent.
CONTACT
Tel: +44 (0) 141 305 6381
Martin McKay, Executive Director of Regeneration, Clyde Gateway
Tel: +44 (0) 141 276 0758
Fionna Kell, Inward Investment Manager, Clyde Gateway
Tel: +44 (0) 141 276 1595
www.investinclydegateway.com
DEVELOPMENT AND
Dalmarnock Cross: available immediately and
adjacent to the station, the new road and offering
opportunities for:
• 9,900m² (106,500ft²) HQ office and 6,960m²
(75,000ft²) of light industrial space (fully consented)
• 120 bed hotel
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GLASGOW
CITY CENTRE
LOCATION
Entire city centre encompassing core central
business, the International Financial Services District
(IFSD), Merchant City, Broomielaw and Tradeston
(identified on Bilfinger GVA Development Map).
OVERVIEW
Glasgow’s transformation over the past half
century has been assisted by its pro-development
attitude creating a modern, thriving, safe place to
live work and socialise. Investors recognise the
enhanced investment returns that Glasgow can
provide in comparison to other European regions
and appreciate the stable and secure financial
environment and tendency for occupiers to commit
to longer leases than in other parts of the EU.
Student Residential – Blythswood Square, Bath
Street and Collegelands are all city centre locations
are seeing activity in this sector.
The Glasgow City core office market saw
transaction volume in excess of €383 million (300
million GBP) in 2015 with a further €90 million (70
million GBP) either under offer or completed so far
this year. Prime office yields in the city are 5.50%.
Prime retail yields as at Q4 2015 are 4.50% which
shows compression from 5% for the same period
the previous year.
WHY WE SUPPORT
THIS PROJECT
QUICK FACTS
LOCATION
Central Business District/IFSD
PROJECT SIZE
Various projects with varying end values
up to €447 million (350 million GBP)
TYPE
Mixed uses including offices, hotel and
leisure, PRS, student accommodation,
retail, residential and other commercial
projects.
INVESTMENT TYPE Developer/Finance/JV partner/
Occupational led
STATUS
Each site has a differing planning scheme
with proposals in the public domain
CONTACT
DEVELOPMENT AND
Bilfinger GVA has highlighted the existing proposals
for the majority of the gap sites within the city
centre on their Development Pipeline map.
• Sites consented
• Sites in planning stage
• Sites with proposals in the public domain
MARKET ACTIVITY
Retail/Residential – Land Securities completion of
Buchanan Quarter.
Offices – Connections at 110 Queen Street, 1 West
Regent Street and St Vincent Plaza all speculatively
developed. ScottishPower and Morgan Stanley
have secured bespoke purpose-built headquarters
in city centre.
BGVA endorse numerous city wide
opportunities and in conjunction
with Invest Glasgow has prepared
a special MIPIM edition of the
Development Map highlighting
key opportunities in the city. BGVA
believe a lack of grade A offices,
improving residential demand and
unsatisfied retail, leisure and hotel
requirements are all creating the
correct conditions for rental and
capital growth, and the target IRR
developers require.
Tel: +44 (0) 141 305 6381
Ian Gallacher, Bilfinger GVA
Tel: +44 (0) 141 305 6332
Jamie Thain, Bilfinger GVA
Tel: +44 (0) 131 469 6011
Hotels – Dakota Deluxe, Ibis Styles and Travelodge
in city centre locations.
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Glasgow Investment Guide

Transcription

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