£23m deal secures SECC carpark

20 Apr 2012

A £23million investment in SECC's new carpark at the Hydro has been announced as the car park takes shape.

Canada Life is to spend £23.3m on building a new 1600-car hub at SECC and leasing it for 35 years before selling it on to council chiefs in Glasgow for just £1.

The insurance and investment giant will make a profit on the big-money deal. The car park is to be managed by the council-owned City Parking which will pay undisclosed annual rental charges to Canada Life over the lifetime of the lease.

And the deal means SECC chiefs will get a new car park which will have walkway links to Scotland's top entertainments venue as well as their new £125m Hydro Arena and a hotel to be built nearby.

Work on the Anderston car park is already under way and it is expected to be operational by this time next year. A new footbridge is also being built which will link the hub with the Hydro and hotel.

The car park will open around the same time as work is completed on the Hydro which will be able to bring the world's top acts, such as Sir Elton John, to Glasgow. It will be big enough to host major comedy stars and sports events such as the Ultimate Fighting Championship which is the world's biggest cagefighting promotion.

Source: The Evening Times - £23m car park for a pound