UK-focused property investor M&G Real Estate has been granted planning consent for its £100 mlm (€120 mln) office redevelopment at Corunna House in central Glasgow.
The consent will pave the way for M&G Real Estate to demolish the two existing Corunna House buildings and build a new 12-storey block, which will be rebranded as 33 Cadogan Street and deliver around 275,000 ft2 (25,500 m2) of Grade A office accommodation.
'There is a clear occupier appetite for high quality office space in Glasgow and a lack of supply in the city’s office market, which makes it a prime location for investment,' commented Lynn Smith, director - development management at M&G Real Estate. 'We are confident that 33 Cadogan Street will attract a strong line-up of tenants, bringing new jobs to the city, and we are looking forward to beginning this exciting project.'
The scheme will target BREEAM ‘Excellent’ and WELL ‘shell & core ready’, a certification granted by the International WELL Building Institute (IWBI) which promotes health and wellness in buildings and communities.
Works on 33 Cadogan Street are expected to commence in Q2 2018 and the new building will include a retail unit on the ground floor, 64 vehicle car parking spaces and cycle parking for up to 320 bikes with spa quality showers and changing rooms.
Glasgow City Council has unanimously approved the proposals to demolish the existing buildings and develop this modern, Grade A office development with new public realm just a few minutes’ walk from Glasgow Central Station.
Cooper Cromar acted as planning advisers for M&G Real Estate at Corunna House, Glasgow.
