A joint venture between Helical Bar and Dawn Group has been selected to develop a new 220,000 sq ft HQ for Scottish Power in Glasgow.
The energy firm’s Spanish owner Iberdrola selected the pair at a board meeting on Wednesday.
Helical and Dawn fought off competition from Abstract Securities, Muse Developments and HF Developments to win the instruction.
They will now team up with a funding partner to forward purchase the scheme, which is believed to cost around £90m.
PRUPIM, Standard Life, Legal & General and Aviva Investors are all understood to have expressed interest in funding the project.
Scottish Power is proposing to house the new HQ on the 1.4-acre former Elphinstone Tower site in Glasgow’s central business district.
The energy firm is expected to sign a 20-year lease at a rent of around £25 per sq ft.
Abstract had been considered a favourite for the project as Elphinstone Tower is adjacent to its St Vincent Plaza site, where Abstract is developing a 170,000 sq ft office.
CBRE advises Scottish Power; Smith Cole Wright advises Dawn and Helical.
