The developer behind the redevelopment of the Copenhagen Building in central Glasgow has secured funding for the £30m scheme.
Rob Hill, who is making his debut in Scotland with the development, said a funding package with Allied Irish Bank had been agreed, meaning work on the 53,000 sq ft Grade A office scheme can begin.
The development, on Hope Street, had been highlighted by local agents as a possible casualty of the credit crunch, which has affected the funding of new schemes in the city.
However, Hill will now start work immediately, with the scheme due for completion in 2009.
The Copenhagen Building falls within Glasgow’s International Financial Services District (IFSD) and faces Central Station.
Glasgow is currently suffering a shortage of Grade A space, with just 150,000 sq ft coming on to the market this year.
Hill, a former property development director for Ribble Bus Group, said: “Glasgow’s economy is performing strongly and the prospects for continued growth and demand for high quality office space are very encouraging. We are very confident in the city, and are delighted our funder Allied Irish Bank (GB) feels the same way.”
Colliers CRE and Knight Frank are letting agents for the scheme, which is named after the stallion that carried the Duke of Wellington during the Battle of Waterloo.
david.quinn@rbi.co.uk
