Major development opportunities to keep an eye on in Scotland and Northern Ireland.
Titanic Quarter
Location Belfast waterfront
Size 75ha (185 acres)
Value £365m
Development potential Total floor area around 280,000 sq m of mixed commercial/residential/cultural/educational
Planning status Full and outline for 280,000 sq m
Investment type/opportunity Equity investor/funder
Project time frame Ready for investment
Ambition “Titanic by nature, Belfast’s Titanic Quarter is one of the world’s largest urban waterfront regeneration projects. Masterplanned over 185 acres on the site where RMS Titanic was designed and built, Titanic Quarter is redefining what it means to work, live, play and stay in central Belfast. Although Titanic Quarter is already a well-defined part of modern Belfast with a well-established mix of business, leisure and education uses, this is only the beginning. It is a 30-plus year project with a vision to regenerate 185 acres of waterfront land. Titanic Quarter has the flexibility to evolve to reflect the needs of society and investors.”
Sirocco Quays
Location Belfast Waterfront
Size 6.4ha (16 acres)
Value £465m
Development potential Total floor area of around 130,000 sq m of mixed-use offices/hotel/leisure/residential/retail
Planning status Planning application submitted
Investment type/opportunity Equity investor/funder
Project time frame Ready for investment
Ambition “This project occupies one of the best locations in central Belfast. The site is significant as it extends to some 16 acres and will be phased, providing the investor with the opportunity to partner with experienced developers. The project caters for a variety of uses for which there is known demand. This includes grade-A office space, residential, hotel and other asset classes. As such, it provides a wide palette of opportunity for investors.”
Weavers Cross
Location Belfast City Centre
Size 8ha (20 acres)
Value £250m
Development potential Total built floor area around 125,000 sq m of offices/hotel/residential/amenity
Planning status Planning application submitted summer 2017 for major infrastructure
Investment type/opportunity Equity investor/funder
Project time frame Ready for investment
Ambition “Weavers Cross will be situated in the heart of Belfast; an 8ha site linking the modern high-capacity transport hub with impressive mixed-use development proposals. The neighbourhood offers huge investment potential allowing for more than 100,000 sq m of commercial space alongside significant residential and amenity space.”
Buchanan Wharf, Glasgow
Location Glasgow City Centre
Size 11.6ha (28 acres)
Value £350m
Development potential 11.6ha of grade-A office accommodation; 388 private rented sector units; 350 homes; 150-bed hotel; high-quality public realm areas.
Planning status Planning permission in principle.
Investment type/opportunity Investment opportunities up to £245m for options including investor, equity, co-development, development funder, and construction partner.
Project time frame Works starts on site 2018, completion expected 2023
Ambition “Located on the banks of the iconic River Clyde, Buchanan Wharf will be a benchmark development in Scotland, a new and distinctive quarter for the city. The site, a very short walk from Central Station, will become an engaging and contemporary destination, combining exceptional building design, high-quality fit-out and unrivalled connectivity credentials. The development will provide up to 1,000,000 sq ft GIA of office accommodation, 350 residential units and a 150-bed hotel.”
The George Street Complex, Glasgow
Location Glasgow city centre
Size 0.5ha (0.2 acres)
Value £100m
Development potential 500 hotel beds and 200 serviced apartments, more than 9,290 sq m of grade-A office space and 3,716 sq m of retail/leisure space.
Planning status Full planning permission in place
Investment type/opportunity All investment opportunities are being considered, including both debt and equity.
Project time frame Work starts on site 2018, completion by 2021
Ambition “Previously home to a number of city council departments, the George Street complex is made up of a collection of disparate and contrasting buildings. The buildings each enjoy their own distinct characteristics – a grand staircase, stained glass windows, decorative plaster ceilings and glazed brick. The proposals allow for a mix of complementary uses that will enable retention and refurbishment of much of the listed buildings, which add richness and give character to the site, with new build elements that will repair and reinstate the urban block.”
177 Bothwell Street, Glasgow
Location Glasgow central business district
Size 2.3ha (0.9 acres)
Value £140m
Development potential 23,969 sq m of commercial offices. (This is phase 2 of a development, where phase 1 has already provided 1,439 sq m (155,000 sq ft) of high-quality office accommodation, pre-let to Morgan Stanley)
Planning status Full planning permission in place
Investment type/opportunity Partner to provide either debt or equity, or forward funding, including purchase of asset on completion. £60m of investment sought. £20m already secured.
Project time frame Start on site 2018, complete 2021
Ambition “177 will offer more than 25,000 sq m of exceptional grade-A office accommodation (EPC A/BREEAM Excellent) across 12 storeys of more than 2,000 sq m typical floors. This is the final phase of the Bothwell Exchange development with the adjacent 122 Waterloo Street providing 14,400 sq m of grade-A accommodation pre-let to Morgan Stanley, completing in October 2017.”
