Capella Developments to acquire Atlantic Square

07 Jul 2008

Wilson Bowden Developments' Scottish director is to launch his own property and development management business after agreeing a deal with the company's parent, housebuilder Barratt.

Jim Fitzsimons, one of Scotland's leading commercial property figures, has launched Capella Developments and concluded a deal with Barratt and Wilson Bowden to acquire the proposed £70m Atlantic Square development in Glasgow's International Financial Services District.

His team will also be appointed to continue to manage the £1.2b regeneration of the former Ravenscraig steelworks site - a project he has led for the past 10 years.

The current five-strong team at Wilson Bowden Developments' Glasgow operation will join Fitzsimons at Capella and the new company will continue to operate from its current base in the city's Blythswood Square.

Capella's first major development will now be the proposed 165,000 sq. ft Atlantic Square office, retail and residential scheme which is part of the Atlantic Quay development in Glasgow's city centre.

Atlantic Square will be the next significant development of the Atlantic Quay area, which has been successfully developed by Fitzsimons and his team and is now Glasgow's fastest-growing city quarter.

It will comprise two office buildings of 120,655 sq. ft and 40,000 sq. ft along with 62 residential apartments and ground-floor retail and leisure space.  The site has been acquired by Capella Developments with financial backing from Taylor Clark Ltd.

Fitzsimons and his team will also continue to drive forward the Ravenscraig project after securing agreement with Ravenscraig Ltd, the joint venture behind the development consisting of Wilson Bowden Ltd, Scottish Enterprise and Corus.

Work is already well under way on the £200 million first phase of the redevelopment of the 1,100 acre site in Lanarkshire with a £30 million regional sports facility, a £70 million campus for Motherwell College and 850 new houses.

One of the largest regeneration projects in Europe, Ravenscraig will be the country's first new town in more than 50 years and is expected to create over 12,000 jobs over the next 15-20 years.

The firm will also manage Wilson Bowden's other Scottish developments - Gateway Glasgow, an industrial development on the Clyde near the M74 junction and Glasgow Pavilions, a leisure and retail scheme on the Clyde at the Broomielaw.

Jim Fitzsimons said: "This is a tremendous opportunity for Capella to be at the heart of two of the most significant commercial property and urban regeneration developments in Scotland.

"The agreement we have reached with Barratt / Wilson Bowden to acquire the Atlantic Square site means that we can press ahead with another major development in Glasgow's International Financial Services District.

"Having spent a significant part of my working life on the Ravenscraig project, I'm also delighted that I will continue to be at the heart of this exciting development.  We are committed to realising the vision of a thriving new community for Ravenscraig and this will ensure continuity and ongoing progress.

"As a priority, Capella Developments will also be seeking additional opportunities to add to our portfolio of projects."

 

For further information, please contact:

Neil Gibson, The BIG Partnership    0141 333 9585 / 07980 924838
Gavin Cameron, The BIG Partnership 0141 333 9585 / 07968 495089

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