Momentum builds at Pacific Quay

23 May 2006

The regeneration of Glasgow's Pacific Quay took another significant step today, 23 May 2006, with the £2.5 million sale of the A-listed 'Four Winds' Building to a consortium of partners of Buro Happold.

Situated at the heart of the £150 million development, the 1,053 sq m (11,339 sq ft) building has a prime frontage overlooking the River Clyde and has been leased to consulting engineers Buro Happold for the last four years. In the past, the striking red-brick hydraulic power station was used to house the equipment for driving cranes to lift engines and boilers into newly built ships.

Rod Macdonald, Chairman of Buro Happold commented on the deal: "Having been a tenant of Four Winds for some time, we are delighted to have secured the deal to purchase the premises at Pacific Quay, which we believe provides the ideal location for our business."

With momentum building at Pacific Quay, following the £150 million masterplan approval, the developers have announced that they are now in a position to seek funding for a high quality 5,780 sq m (62,216 sq ft) office development at 2 Pacific Quay to provide a high specification, 4 storey office development, in keeping with the profile of its riverside location.

John MacBean, Director of Jones Lang LaSalle, says: "The fact that we are now in a position to seek forward funding for 2 Pacific Quay makes an important statement about the potential of Pacific Quay to attract both high quality tenants and globally active commercial property investors.

"The recent completion of SMG offices and significant progress on the new BBC Scotland headquarters, shows that Pacific Quay is now one of the most important city centre regeneration sites anywhere in the UK.  The site has the potential to become one of the major media centres in this country but also offers much more, including 500,000 sq ft of high quality office space, 300 new homes and a 150-bed hotel on the 800,000 sq ft site."

Formerly one of Glasgow's most important industrial dockyards, the Pacific Quay site became the location for the Glasgow Garden Festival in 1988 prior to being earmarked for one of Scotland's largest regeneration projects in the mid-1990s.

Alan Somerville of Pacific Quay Developments says: "We are delighted with the progress being made on site, which fully supports the vision shared with local authorities and our partners for the project."  Miller Developments' Roger Telford also welcomed the activity at Pacific Quay and says: "The Buro Happold deal is a significant milestone which represents a major step forward in the bid to complete the urban regeneration of an area which once formed the commercial heartland of Glasgow.  The completion of the Finnieston Bridge in August 2006 will give Pacific Quay a direct link to the city centre, opening up the entire area to new development and investment opportunities.

Planning application for the area is anticipated to move forward this summer, with construction of offices and the hotel scheduled to commence at the end of 2006.

Issued on behalf of Pacific Quay Developments Ltd by Weber Shandwick, public relations consultants.  For more information, artists impressions and interviews, call Nina Deakin or Charlie Mann on 0141 333 0557.

NOTES TO EDITORS:

Pacific Quay Developments Ltd
Pacific Quay Developments Ltd (PQDL) is a joint venture between Manchester based commercial developers CTP; Miller Developments - part of the Miller Group; and Grosvenor, the UK property company which has had a Scottish base since 1980.

The Pacific Quay Site - ownership
PQDL is the majority landowner at Pacific Quay, owning 25 acres of the 60-acre site.  Other landowners include Scottish Enterprise Glasgow (8 acres including the Canting Basin), Glasgow Science Centre (10 acres), BBC (7 acres) and Glasgow City Council (10 acres).

The £20 million Finnieston Bridge, which connects the development to the north side of the river, is the first new road traffic bridge to open in Glasgow for 30 years and is scheduled for completion in August 2006.

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