15 Jan 2019
Osborne+Co has added to its growing Glasgow portfolio with the acquisition of a prominent city centre landmark, the former City of Glasgow College buildings, known as Met Tower, which became an icon for the city during the Commonwealth Games featuring the familiar ‘People Make Glasgow’ brand.
Osborne+Co and joint venture partners, Scotsbridge Holdings, have acquired the buildings at 60 North Hanover Street from City of Glasgow College, now established in a new twin site super campus – City Campus on Cathedral Street and Riverside Campus overlooking the banks of the River Clyde.
Formerly the College of Building and Printing, Osborne plans to extensively refurbish the current B-listed tower to deliver flexible de-furbished Grade A office space together with serviced apartments on Cathedral Street.
As Glasgow’s traditional central business district expands eastward, the development is well-positioned being immediately adjacent to Glasgow’s Queen Street and only a few minutes’ walk from Central station and Buchanan Bus Station.
Osborne+Co has appointed Cooper Cromar, an award-winning Glasgow-based architect, alongside planning consultants Savills to advance the refurbishment project. A Proposal of Application Notice (PAN) has been submitted to Glasgow City Council for the proposed mixed-use development.
The acquisition will represent a further commitment to Scotland’s largest city by Osborne+Co, which is the new global delivery vehicle for property developed by the Osborne family. The established developer is also behind an iconic 283,000 sq ft office scheme on Argyle Street, which represents a £95m investment to revitalise a site that has lain vacant for 20 years.
Will Hean, Development Director, Osborne+Co, said: “This acquisition will allow us to capitalise on Glasgow’s current supply demand imbalance, with the market currently characterised by a dearth of flexible Grade A office space and significant pent-up occupier demand. We are very excited by this opportunity and look forward to refurbishing such an iconic building within central Glasgow and continuing Osborne’s investment into the city.
“We will work with the council, Historic Environment Scotland and the wider city community to deliver a refurbishment that the city will be proud of and which will attract major inward investment.”
Located in the heart of Glasgow city centre, immediately to the north of George Square and east of Queen Street rail station, the building has extensive frontages to both North Hanover Street and Cathedral Street and it offers excellent links to the M8 motorways.
The development is expected to generate hundreds of jobs for the construction industry and, once complete, accommodate up to 1,200 employees.
Fares Samara, Vice Principal of Infrastructure at City of Glasgow College, said:
“We're delighted that our super campus strategy continues to positively deliver for Glasgow. Our much loved former college buildings on North Hanover Street are iconic in the city. We look forward to seeing the sympathetic restoration bringing them a new lease of life and the improvements the change will bring for both the local community and those visiting our city.
“Osborne+Co’s ambitious plans are very impressive and importantly the new development will also result in the creation of jobs which are vital to the local and national economy."
Savills represented Osborne+Co; Ryden acted for City of Glasgow College, who were also supported by The Scottish Futures Trust.