Planning permission has been granted for a significant new mixed-use quarter in Glasgow.
The masterplan for Central Quay, a seven-acre site on the western edge of Glasgow city centre, includes 400 new homes, over 300,000 sq. ft. of high quality offices, a 150-bed hotel, food and retail units and an extensive public realm.
Central Quay is prominent from the Kingston Bridge and has been a brownfield site for several years. It is bounded by Anderston Station and the river Clyde and is owned and managed by Harbert Management Corporation (Europe) LLC and XLB Property. Both are advised by GVA and CBRE and the masterplan was designed by architects Keppie Design.
Tony Lawson of XLB said: “Central Quay is a significant site and its regeneration is long overdue. It will now provide a major new mixed-use quarter to the western edge of Glasgow City Centre close to the SSE Hydro, Scottish Exhibition Centre and major transport hubs.
“The masterplan is designed around a vibrant high-quality environment, providing new homes and offices plus supporting amenities. Harbert Management Corporation (Europe) LLC and XLB Property are in discussions with a major PRS developer to ‘pump prime’ the waterfront site. The first phase of development is expected to commence towards the end of 2018.”
Due to Central Quay’s location on the periphery of Glasgow city centre, the Grade-A office space will be available to pre-let at significantly less than city centre rents, which are now in excess of £30.00 per sq. ft. and reliant on refurbished stock with little speculative development in the pipeline and no new Grade A space with large floor plates anticipated in the city centre until 2021.
As well as the Central Quay masterplan, there is presently 30,000 sq. ft. of office space for rent at the adjacent 2 Central Quay.