Green light for £60m Glasgow business development

Developer Abstract (Glasgow), a subsidiary of Abstract Securities, has been given permission for a £60m office development in Glasgow city centre.

The 170,000ft² scheme, called St Vincent’s Plaza, will be built by contractor Bowmer & Kirkland.

It will contain mostly office space and be rented for £23 per ft², well below the current rate in the city. Plus, it will be built without an anchor tenant in place.

Mark Glatman, chief executive of Abstract Securities, said: “Glasgow City Council has recognised that in order to attract yet more big-name corporates to the city, it is imperative that Glasgow can offer high-quality ‘Grade A’ office accommodation at an achievable cost.

“St Vincent Plaza is all about offering value at a time when occupiers have to keep a very close eye on the bottom line and cannot justify heavy costs.”

The building is due to be finished by the end of 2013.