The leasing business in Glasgow never had it this bad, with a massive 50% fall in business deals during the first quarter of 2009, according to data from Cushman & Wakefield. Only 43,573 square feet of commercial space were let in the first quarter. But now it seems there’s good news for property owners, as the two corporate giants Shell and Tesco may soon take up a staggering 190,000 square feet of space.
Shell is planning to move office from The Grosvenor building in Glasgow to 141 Bothwell Street, owned by Premier Property Group. The new location will offer 90,000 square feet of office space to the company, and the move is still under discussion. The going rate in the Bothwell Street location is £28/sq ft, and a massive 28,000 square feet has already been taken up by PricewaterhouseCooper at this price.
Tesco’s recent achievement has been the purchase of stake from its joint venture partner for its personal finance arm, the Royal Bank of Scotland. Now the company is going to expand its personal finance division by establishing thirty new branches under the ambitious ‘Tesco Bank’ project. The company requires about 100,000 square feet of shared office space in Glasgow to carry out its expansion plans.
Two hot contenders for the Tesco expansion are the new Broadway One site owned by IVG and Ediston Properties, and the Capella building in Atlantic Quay that offers 110,000 square feet of commercial space. The Broadway Two property is also one that Tesco seems to be interested in.
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This entry was posted
on Monday, July 6th, 2009 at 7:49 am and is filed under Advertising, Commerce, The Commerce Compass.
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