1st Feb 2016
Abstract has completed another letting at its St Vincent Plaza development in Glasgow to a public sector body. The building will be occupied as the new Glasgow base for Registers of Scotland (RoS), a non-ministerial government department, and follows hot on the heels of recent lettings to Whyte and Mackay and KPMG.
RoS will relocate from Hanover House in Douglas Street and will take the entire third floor of the development comprising 17,294 sq. ft. on a new 15 year lease from January 2016.
It is envisaged that fit out work will begin in the coming months, with RoS moving in the second half of 2016.
St Vincent Plaza is a speculative ‘Grade A’ office development of 172,280 sq. ft. arranged on lower ground, and 10 upper floors, that was completed late in 2015. The building occupies a prominent position in Glasgow City Centre and has been designed to support highly efficient occupancy levels from day one.
With a BREEAM ‘Excellent’ environmental accreditation and an EPC B rating, the development provides the most cost effective new build city centre office accommodation anywhere in the UK.
Mark Glatman, Chief Executive of Abstract, commented: “We are delighted to add Registers of Scotland to our list of fantastic occupiers at St Vincent Plaza. There are some big uncertainties in the world at the current time but the Abstract approach to development, offering a great quality ‘Grade A’ office at a really competitive pricing point, continues to appeal to occupiers who want uncompromising value from their operational property and who see that Abstract buildings create an asset to their businesses rather than just an overhead.”
Sheenagh Adams, Keeper of the Registers of Scotland, said: “This is a fantastic office space that will bring us significant improvements – the space is more flexible, and will reduce our carbon footprint by more than 50 per cent. This new space will support our digital transformation, helping us to deliver the products and services that Scotland needs from RoS.”
Christopher McPherson, Development Director of Abstract Securities said, “The letting to Registers is a further positive endorsement of this development. We have let almost 75,000 sq ft in the last few weeks and interest levels remain strong. We are now the only building in the City which can offer close to 100,000 sq ft of new ‘Grade A’ space in a variety of sizes.
“Prospective tenants will not have the opportunity to take new space offering this combination of quality and value again – our pricing point is less than much of the second hand stock in the City.
“There is a lot of talk about new schemes in Glasgow but no-one is actually building. Our message to occupiers is don’t delay coming to talk with us if you have office requirements in the next two years or you will probably miss the boat.’’
Joint agents for St Vincent Plaza are CBRE and Ryden. Cushman & Wakefield represented Registers of Scotland. For more information visit www.stvincentplaza.com
Image shows: St Vincent Plaza, Glasgow.
Notes to Editor:
The Abstract Group of Companies was established in April 2000 by Mark Glatman, The management team at Abstract brings together combined experience of over 7 million sq ft of business space development across the UK and Europe. The team is highly experienced at working directly with major property owners and corporate end users, handling all aspects of their property requirements. www.abstractsecurities.com
St Vincent Plaza, Glasgow, a 172,280 sq ft. speculative Grade A office space completed in late 2015. It remains the most competitive new City Centre office development within the UK, with rents from just £23 per square foot. www.stvincentplaza.com
The Leonardo Building at Manor Royal just south of Gatwick Airport is a 4 storey 110,545 sq. ft. speculative office building completed in December 2015. The entire building was pre-let to Virgin Atlantic Airways in May 2015 and the resultant investment sold to F&C Commercial Property Trust in July 2015 for £45.342m. www.theleonardobuilding.com
The first phase of Aberdeen International Business Park is designed to accommodate around 2,400 employees with 1,200 car parking spaces and besides a variety of catering options, includes a gym, a sports hall, 2 squash courts, a medical facility, a nursery/crèche and a shop. Abstract agreed Scotland's biggest letting deal ever with the Norwegian company Aker Solutions on 335,000 sqft of office space in Summer 2014. The resultant investment was sold to Legal & General in October 2014 for a price in excess of £127m making this the second largest investment deal in Scotland for 2014. www.aibp.co.uk.
Renaissance, Croydon provides 100,000 sq. ft. of 'Grade A' office accommodation comprising five floors offering flexible floor plates of 20,000 sq. ft. Completed in late 2013 the building is one of the first speculative builds in the UK to achieve a BREEAM (2011) 'Excellent' standard and won a national award for Sustainable Achievement. The offices were fully let within 10 months of completion and the completed investment sold to M&G UK Property Fund. www.renaissancecroydon.com
About Registers of Scotland
Registers of Scotland (RoS) is the non-ministerial government department responsible for compiling and maintaining 17 public registers. These relate to land, property, and other legal documents.
RoS is working to make their services greener, faster and more efficient than ever before, an ambition that is being progressed by their digital transformation project, changing RoS from a largely paper-based organisation to one that does everything digitally in the first instance.
Their current projects include completing the land register and launching a new land and property information service, ScotLIS.