Property investment and development company CEG has managed the acquisition of 33 Cadogan Street in the heart of the central business district of Glasgow.
With full planning permission in place for a 275,000 sq ft development, the site has already been cleared and readied for construction. CEG has appointed a design team to enhance the sustainability credentials of the new development. Glasgow based, Cooper Cromar, has been retained as architect for the scheme having successfully delivered CEG’s award-winning Number One Kirkstall Forge in Leeds.
CBRE advised CEG on the acquisition of 33 Cadogan Street. Knight Frank and JLL represented M&G on the sale. JLL and CBRE have been appointed as joint agents to market the new development on behalf of CEG.
Tom Gaynor, Head of Investment at CEG, said: “We are confident in the strength of Glasgow’s office market. The city is under supplied in terms of Grade A workspace and there is a very restricted pipeline of consented and funded schemes. A significant number of recent lettings has further eroded available stock.
“Designed as a UK best in class building, The Grid responds to occupiers Net Zero Carbon and sustainability requirements as well as providing enhanced amenities and a workspace environment that occupiers are seeking for their employees. The scheme is fully funded and we are committed to a pathway to commence construction on site as soon as possible.”
The new development will reflect the quality of workspace CEG is renowned for, with its Kirkstall Forge office being named the best commercial space in the UK by the British Council of Offices.
CEG has a track record of delivering award-winning offices in Scotland. Following the development of Aurora on Bothwell Street in 2006, the company helped to kickstart the regeneration of the area with its 178,000 sq ft new build. The successful speculative development was fully let within six months of completion. The company’s ONYX development in Glasgow was recently redeveloped to deliver a new café, an extensive range of facilities for cyclists and new flexible Let Ready studios, providing fully-furnished grow-on space for smaller companies and project or satellite space for larger firms.