Helical Bar with Dawn Group has beaten Abstract Securities to develop a 220,000 sq ft Glasgow HQ for Scottish Power.
The decision to appoint the Helical/Dawn joint venture as preferred developer was taken at a Scottish Power board meeting yesterday.
Helical/Dawn and Abstract had been shortlisted from four parties which also included HF Developments and Muse Developments.
Helical and Dawn will now team up with a funding partner to forward purchase the scheme which is believed to cost around £90m.
Scottish Power has chosen the 1.4 acre former Elphinstone Tower site on the corner of India Street and St Vincent Street in Glasgow’s central business district to house its new HQ.
The Elphinstone Tower site has been valued at circa £5m. Scottish Power is expected to sign a 20-year lease at around £25 per sq ft.
CBRE advises Scottish Power; Smith Cole Wright advises Dawn and Helical.
Lisa.pilkington@estatesgazette.com
