Tuesday, May 02, 2023
£20 million SMG headquarters opens in the heart of Glasgow's Pacific Quay
The reputation of Glasgow's Pacific Quay as one of Scotland's most successful regeneration developments has been further boosted with the completion of the £20 million state-of-the-art Scottish Media Group (SMG) headquarters building.
Situated at the heart of the £150 million development, the four storey building comprises 60,000 sq ft of new Grade A open plan, office and new studio space and has a prime frontage overlooking the River Clyde. Built by Miller Construction, the complex has been forward funded by investment specialists AXA Reim on a 20 year lease at £1.328m per annum.
SMG, owners of Scottish TV, will be moving almost 500 staff to the new facility in summer 2006 from their old building at Cowcaddens, where they have been based since 1957.
David Topham, Director of Pacific Quay Developments Ltd and Chief Executive of CTP comments: "SMG's move to Pacific Quay reflects a genuine revitalisation in the area and makes an important statement about the potential of Pacific Quay to attract both high quality tenants and globally active commercial property investors.
"With the BBC scheduled to move on site in 2007, Pacific Quay will be seen as the premier media hub for Scotland, bringing new business and jobs to the city and making Pacific Quay a showpiece development for the whole country."
Formerly one of Glasgow's most important industrial dockyards, the Pacific Quay site became the location for the Glasgow Garden Festival in 1988 prior to being earmarked for one of Scotland's largest regeneration projects in the mid-1990s.
In December 2005, Glasgow City Council approved the £150 million masterplan to redevelop the site along the south bank of the River Clyde. The regeneration could see as many as 5,000 jobs created, and combines 500,000 sq ft of high quality office space as well as some 300 homes and a 150-bed hotel on the 800,000 sq ft site.
Planning application for the area is anticipated to move forward this summer, with construction of offices and the hotel scheduled to commence at the end of 2006. The £20 million Finnieston Bridge, which connects the development to the north side of the river, is the first new road traffic bridge to open in Glasgow for 30 years and is scheduled for completion in August 2006.
Situated at the heart of the £150 million development, the four storey building comprises 60,000 sq ft of new Grade A open plan, office and new studio space and has a prime frontage overlooking the River Clyde. Built by Miller Construction, the complex has been forward funded by investment specialists AXA Reim on a 20 year lease at £1.328m per annum.
SMG, owners of Scottish TV, will be moving almost 500 staff to the new facility in summer 2006 from their old building at Cowcaddens, where they have been based since 1957.
David Topham, Director of Pacific Quay Developments Ltd and Chief Executive of CTP comments: "SMG's move to Pacific Quay reflects a genuine revitalisation in the area and makes an important statement about the potential of Pacific Quay to attract both high quality tenants and globally active commercial property investors.
"With the BBC scheduled to move on site in 2007, Pacific Quay will be seen as the premier media hub for Scotland, bringing new business and jobs to the city and making Pacific Quay a showpiece development for the whole country."
Formerly one of Glasgow's most important industrial dockyards, the Pacific Quay site became the location for the Glasgow Garden Festival in 1988 prior to being earmarked for one of Scotland's largest regeneration projects in the mid-1990s.
In December 2005, Glasgow City Council approved the £150 million masterplan to redevelop the site along the south bank of the River Clyde. The regeneration could see as many as 5,000 jobs created, and combines 500,000 sq ft of high quality office space as well as some 300 homes and a 150-bed hotel on the 800,000 sq ft site.
Planning application for the area is anticipated to move forward this summer, with construction of offices and the hotel scheduled to commence at the end of 2006. The £20 million Finnieston Bridge, which connects the development to the north side of the river, is the first new road traffic bridge to open in Glasgow for 30 years and is scheduled for completion in August 2006.
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