FORE Partnership, the investment firm behind one of the few Grade A speculative office developments in Glasgow, has appointed a construction firm for the £23 million project.
Bowmer + Kirkland has been awarded the contract to construct the 96,000 sq ft office block on Cadogan Street, which will place strong emphasis on environmental sustainability and the well-being of its tenants.
It comes more than three years after FORE, which invests on behalf of private family offices around the world, acquired the site in June 2016 – when the contracts were exchanged a week before the Brexit vote.
Aurelien Collignon, associate director of FORE, said:
“When we reviewed the Glasgow real estate market, the fundamentals were really, really strong. There was limited stock available, and a lot of it was older townhouses where the space is compromised.
“The demand was really, really strong. Vacancy was below 2% in Grade A space – you don’t find that anywhere else in the regions. Glasgow, as of today, is the most dynamic market in the regional UK.”
Cadworks is one of the few speculative projects in the planning for Glasgow, which some commentators feel is a barrier to growth for the city. Other projects include Atlantic Square 2 in the International Financial Services District, which is due for completion in the third quarter of next year. Work is also under way at 177 Bothwell Street, where HFD Property Group is developing 313,116 sq ft of office space. Clydesdale Bank owner CYBG has signed a 22-year lease for more than 116,000 sq ft at the building.
Ken McInnes of Ryden added:
“We are delighted to be working with FORE Partnership and the wider team on Cadworks, which is an exciting , sustainable and innovative office development."
"We expect strong early occupier demand for the space."
Cadworks is set to be completed by the second quarter of 2021, and 200 jobs are expected to be created by the construction process.
Source: The Herald