UK-based property development and investment company Osborne+Co has secured planning approval from the Glasgow City Council for the construction of a £140m ($170.7m) office project at Argyle Street.

The project will be built on a site that has been derelict for more than two decades.

Designed by Glasgow-based architects Cooper Cromar, the project will feature around 270,000ft² net of Grade A office space, in addition to 13 upper storeys.

The office space is designed to meet the requirements of multinational companies investing in Scotland.

Osborne+Co development director for Scotland Will Hean said: “We would like to thank Glasgow City Council and their planning team for their constructive input, insights and valuable guidance throughout this process. Working collaboratively at all levels with the Council over the past 18 months towards this final consent has involved sound judgement and bold vision combined. We are delighted to now be in a position to progress this impressive office scheme onwards towards the construction phase.”

The development site was acquired by Osborne+Co and JV partners Scotsbridge Holdings last year and will see the site linked back to the city through infrastructural improvements.

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The Glasgow office of Atelier Ten is serving as the M&E consultant on the project while Woolgar Hunter Engineers is offering structural design and AECOM is serving as quantity surveyors.

Osborne+Co CEO Conor Osborne said: “Glasgow is a key regional business hub recognised most notably for financial services, life sciences and renewable energy. We are confident that this ambitious development will help Glasgow to fulfil its full potential by attracting global occupiers looking to invest and expand their UK presence and benefit from the skilled local workforce Glasgow has to offer.”

The firm is currently working on 15 projects in seven countries, including a £400m ($487m) placemaking project in Belfast, Northern Ireland.