Capella is bright new star on waterfront

21 Aug 2009

Glasgow's commercial property sector has received a major boost with the news that Wilson Bowden's Capella Building at Atlantic Quay in the heart of Glasgow's International Financial Services District (IFSD), has achieved practical completion.

The building was completed and handed over to Wilson Bowden this week and it now awaits the arrival of MacRoberts LLP, one of Scotland's leading law firms, which will become the first tenant at Capella having now signed a 15 year lease.

The commercial law firm will relocate to Capella from its existing Glasgow premises at 152 Bath Street, and will occupy four floors, covering more than 34,600 square feet.

At 115,700sq ft (10,748 sq m) the 11-storey, Capella development is the tallest office building in the Broomielaw and in addition to 111,000 square feet of prime office space, the building's ground floor will house 4,700 sq ft of retail and leisure space.

Capella forms the centrepiece of Atlantic Quay and the retail and leisure development will further expand the services available on the waterfront, adding to the growing number of restaurants, hotels and shops on offer in the district.  More than 12,000 people now work in the Broomielaw area.

Jim Fitzsimons, chief executive of the Capella Group which is managing the development on behalf of Wilson Bowden, said: "We are delighted with the quality of the building which has been borne out by the high level of occupier enquiries we have received. The pre-letting to MacRoberts is not only testament to the attractiveness of the building but also reinforces the fact that the Broomielaw is now regarded as part of the established City's business core.

"We are continuing to receive a steady stream of enquiries and I'm confident that the Capella building will secure further significant lettings in the latter part of this year.  Capella will play an important role in bolstering the IFSD's reputation as an attractive location in which to live and work.

"The city is very much open for business and the level of enquiries it is experiencing at the moment is very encouraging, particularly in the current economic climate. I am very optimistic that much of the office space currently available, or about to come onto the market, will achieve lettings in the second half of 2009."

Michael Murphy, Managing Partner of MacRoberts LLP, added: "MacRoberts is really excited at taking the top floors in Capella. It is a tremendous statement of our confidence, not only in the strength of our business going forward, but in the ongoing development of this wonderful location on the riverfront."

The Capella development also includes the creation of a new public square and further enhancement of the public realm works which continued the 'constellation' theme that has been used throughout the streetscape in the Atlantic Quay area. Capella is the brightest star in the constellation Auriga and the eleventh brightest star in the sky.

Capella is the fourth office building which Wilson Bowden has built in the IFSD over the past eight years, representing an investment of over £75 million.

In July 2008, the Capella Group purchased the Atlantic Square site from Wilson Bowden, and has subsequently unveiled proposals for a new £90 million Atlantic Square project, which will create a prestigious mixed-use development in the IFSD and is expected to create around 2,500 jobs. A planning application is currently being considered by Glasgow City Council.

It will involve the phased construction of three buildings at a key site in the IFSD situated between York Street and James Watt Street.

The scheme will include office, retail and leisure elements with 1 and 2 Atlantic Square comprising two prime Grade A office buildings of 161,000 square feet and 66,000 square feet respectively. No 3 Atlantic Square, will house a six-storey, 150-bedroom hotel and will encompass the existing retained building façade on James Watt Street. An enclosed piazza is planned which will house around 20,000ft2 of retail, restaurants and bars at ground level.

  • Capella at Atlantic Quay

Capella
  • Capella