The Government Property Unit has completed the 187,205 sq ft letting for HM Revenue & Customs at BAM Properties, TCP Developments and Legal and General Investment Management’s Atlantic Square in Glasgow.
The 300,000 sq ft development, which is currently under construction, is one of 13 regional centres around the country to be selected for new regional hubs.
Advised by JLL, the GPU has agreed a 25-year lease at the building. It will accommodate around 2,700 full-time equivalent employees from across the department by 2021.
BAMTCP Atlantic Square, a joint venture between BAM Properties and TCP Developments, and LGIM Real Assets confirmed today that work will begin in March 2018 on the development of circa 284,000 sq ft of office space.
Legal & General Retirement is forward funding the HMRC-let offices with BAM TCP Atlantic Square funding the remaining 96,650 sq ft speculative space.
Construction work is expected to start in March 2018 and complete in 2020.
The letting represents L&G’s sixth government hub forward funding deal and will see HMRC become one of the largest employers in Glasgow.
Hayley Rees, head of direct investments at LGR, said: “It is a great investment fit for us as it enables us to fulfil pension promises to our customers in an efficient way, whilst playing a part in driving job creation and economic growth, which is good for business as well as our customers.”
Steven Boyd, HMRC estates director, said: “The development will help continue HMRC’s transformation into a modern, digitally-advanced tax authority thanks to the site’s high specification office space, central and accessible location and digital infrastructure.”
Knight Frank advised L&G; Cushman & Wakefield represented BAM TCP Atlantic Square; JLL acted for the GPU.
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