Construction group BAM is to start the redevelopment of an empty bank building in Glasgow city centre into retail and office space, accommodating up to 1,500 workers.
Construction group BAM is to start the redevelopment of an empty bank building in Glasgow city centre into retail and office space, accommodating up to 1,500 workers.
Construction work will get under way in January at 110 Queen Street to create 13,200 m2) of Grade A offices and 1,860 m2 of retail space.
The £50 mln (EUR 61 mln) project will receive a £9.6 mln loan from the Scottish Partnership for Regeneration in Urban Centres (SPRUCE) Fund, which has been established with Scottish government and European Regional Development Fund money.
'The transformation of this building, due for completion in 2015, will provide much needed high spec office space for Glasgow, which will enable it to compete more effectively with other large cities - and help to attract companies from across the globe,' said deputy first minister Nicola Sturgeon.
John Burke, executive director of BAM Construct UK, added: 'This is terrific news for Glasgow and the wider construction sector, and is testament to the confidence investors have that BAM can deliver the largest office development to be built outside of London in a number of years.'
The Scottish government contribution to this project has come from the Scottish Partnership for Regeneration in Urban Centres (SPRUCE) Fund, which has been established with funding of £26 mln from the Scottish Government and £24 mln from the European Regional Development Fund.
