Property developer and investment company Commercial Estates Group (CEG) has appointed construction firm McLaughlin & Harvey to build £100m 300,000ft² office project at 33 Cadogan Street in Glasgow city centre, Edinburgh, reported The Herald.
Construction of the project is expected to complete in the third quarter of 2025.
Go deeper with GlobalData
CEG investment manager Paul Richardson was quoted by Scottish Business News as saying: “The start on site with this speculative development is testament to CEG’s confidence in the Glasgow market. The city is suffering from an acute lack of Grade A office supply and 33 Cadogan Street will help to remedy that.
“A best-in-class office development, targeting the highest sustainability credentials, it will respond to occupier’s demands for net-zero carbon in operation office space, as well as providing fantastic amenities and a healthy and productive place to work.”
The 33 Cadogan Street project was earlier known as the Grid.
See Also:
Glasgow-based architecture firm Cooper Cromar has partnered with CEG to work on the sustainability aspects of the building.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataProperty agents JLL and CBRE were hired to market the space to prospective tenants.
CBRE senior director Andy Cunningham was quoted by The Herald as saying: “The flight to quality has diminished the availability of top-quality office space in Glasgow and Covid-19 only accelerated this trend. With no new-build development being delivered until 33 Cadogan Street completes in summer 2025, we anticipate pent-up demand from occupiers.”
JLL director Alistair Reid added: “33 Cadogan Street has been designed with sustainability and occupier amenity at its heart to further support the return of occupiers to the office in a post-pandemic world.
“Targeting net-zero carbon in operation, the building aims to align with occupiers’ corporate carbon-reduction goals.”
The project at Cadogan Street secured approval from the city council in 2017, with construction expected to commence in 2018, reported Building.co.uk.
However, the project was further delayed by the Covid-19 pandemic. Last year, the initial developer M&G divested the project to CEG.
The office project will come up on a site that featured two 1980s office blocks, which have been razed to the ground. The original plans have been updated to boost sustainability aspects.
