HSBC has agreed a £100m green loan facility for HFD’s flagship Glasgow development.
The refinancing of 177 Bothwell Street will provide funding in excess of £100m, as long as the 313,000 sq ft development continues to meet a range of sustainability metrics.
HFD has committed to achieving an EPC A score of less than eight, which will make it 45% more energy efficient than a standard A-rated building, as well as a BREEAM Excellent standard.
The building is almost fully let, with occupiers including Virgin Money, BNP Paribas, AECOM, CBRE, and Transport Scotland. HFD’s flexible serviced offices business, HFD Offices, will operate from dedicated space in the building.
Smart technology will be used throughout 177 Bothwell Street to reduce energy consumption and improve environmental performance, while the building’s energy will both renewable and local, as it will be supplied by the Blantyre Muir Wind Farm in South Lanarkshire.
177 Bothwell Street will also feature a rooftop terrace and running track, 318 cycle spaces, electric vehicle charging points, and touchless technology throughout the building. The development is the first Scottish property to commit to attaining the new SmartScore accreditation for smart buildings and has already achieved a Platinum WiredScore certification.
An independent economic impact assessment concluded that it will generate £2.8bn of GVA to the Scottish economy over 25 years.
HFD managing director Stephen Lewis said: “Given the property’s quality and sustainability credentials, interest was strong among the potential funders we spoke to. After going through a competitive process, HSBC UK provided the most compelling terms, which include the correct balance between long-term funding and flexibility, all at a commercially attractive rate.”
Compare leasing deals in the Glasgow office market >>
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
