Work at the development of Prime Grade A office space at Atlantic Square in Glasgow will begin this March. 187,000 square feet of the development will house the next UK Government hub and will be funded by Legal & General Retirement, while the rest of 97,000 square feet is speculative space funded by BAM TCP Atlantic Square.
HM Revenue and Customs (HMRC) has signed an agreement to lease the new ten storey building at Atlantic Square for a minimum of 20 years. The office space will accommodate around 2,700 full time employees from across the department by 2021. Atlantic Square is the 10th of the 13 new UK regional centres part of HMRC’s plans to create a tax authority fit for the future.
The buildings have been designed by concept architects Cooper Cromar with further refinement by BAM Design. The scheme will be built by BAM Construction; with the construction work expected to begin in March 2018. Property firm JLL advised HMRC during the selection process, while BAM TCP Atlantic Square were advised by Cushman & Wakefield and Knight Frank acted for Legal & General. BAM TCP Atlantic Square will be developing the second building of 97,000 square feet, which will comprise of high quality offices ready for occupation in 2020.
“The Government’s decision to relocate another regional hub in Scotland is testament to the strength of the commercial property market and standard of living in Glasgow. Atlantic Square was selected following a robust process which considered a broad range of criteria as well as cost efficiencies. Situated in the heart of Glasgow’s International Financial Services District, and within walking distance of both major train stations, the vibrant mixed use development will provide excellent connectivity for staff and visitors,” commented Angela White, Head of Corporate Services at JLL in Glasgow.
This letting represents Legal & General’s sixth Government hub forward funding deal and will see HMRC become one of the largest employers in Glasgow.