Scottish Power has submitted plans for its £95m UK headquarters in Glasgow’s city centre.
The energy company has finalised the designs for the 14-storey building, which will be the largest single-occupier development in the city for around 25 years.
Scottish Power hopes to start work on the 220,000 sq ft development in the third quarter of next year, subject to consent. Completion is scheduled for late 2015.
A joint venture between Helical Bar and Scottish-based Dawn Developments was confirmed as Scottish Power’s preferred development partner in June this year.
The scheme will be built on the former Elphinstone Tower site on the corner of St Vincent Street and India Street. Fund manager PRUPIM is poised to forward fund the development.
Ignacio Galan, chairman of Iberdrola, Scottish Power’s parent company, said: “This is a major milestone for our group. We have major investments planned here in the coming years, with £3.5bn being invested between 2012 and 2014 alone. This new office complex will be the central hub that allows us to deliver and manage these investments.
“We have always stated that Glasgow would remain as the central location for our company in the UK and our new development reaffirms our commitment to the city.”
Scottish Power is paying £25 per sq ft on a 25-year pre-lease of the property. It is believed to be finalising the terms of a deal with PRUPIM.
lisa.pilkington@estatesgazette.com
