Edinburgh-based Duddingston House Properties, contractor Sir Robert McAlpine and Catalyst Capital, the European real estate investment and asset management firm, have formed Consortium 220, to develop a prime waterfront site in the centre of Glasgow.
The consortium has agreed to buy a two-acre cleared site at 220 Broomielaw from Scottish Enterprises. Under the purchase agreement, Consortium 220 will have a period of time to market the site to potential occupiers.
Consent for 220 Broomielaw was granted in March 2008. The scheme comprises 462,228 sq ft of Grade A office space, 5,100 sq ft of shops, 130 car parking spaces and 168 cycle spaces.
Consortium 220 aims to develop the site in phases once it has secured prelets. It has agreed to consider an element of speculative office space.
Paul Davies, head of UK development at Catalyst Capital, said: “Although Catalyst is primarily an investment and asset management firm, we have a strong track record of carrying out development on an opportunistic basis.
“We think the formation of Consortium 220 brings together the key skills, experience and resources required to develop this excellent waterfront site on the Broomielaw and contribute to the wider masterplan aspirations for this important sector of Glasgow.”
samantha.mcclary@estatesgazette.com
