Located at 110 Queen Street, the vacant 1960s bank will be converted into 143,000 sq ft of Glasgow office space. Alongside the Grade A office accommodation this corner property will offer 20,000 sq ft of retail space.
The £50m project has yet to secure a pre-let tenant but will provide G1 office space for up to 1,500 employees.
Nicola Sturgeon, Deputy First Minister in the Scottish Government spoke in praise of the project that will provide a £50 million boost to Glasgow’s city centre.
Sturgeon announced that “The transformation of this building, due for completion in 2015, will provide much needed high spec office space for Glasgow, which will enable it to compete more effectively with other large cities – and help to attract companies from across the globe.”
Glasgow City Council Leader, Gordon Matheson said: "The council fast-tracked the planning process for this project and has worked hard with the developer to secure the transformation of this building, so we are delighted with this announcement."
Additionally, a government loan of almost £10m has been crucial to the viability of the Queen Street office project. BAM was able to secure a £9.6m loan from the SPRUCE Fund (Scottish Partnership for Regeneration in Urban Centres).
BAM Construct’s Executive Director, John Burke, is confident that the firm will be able to deliver one of the biggest office developments to be built in recent years, outside of the London office market.
“BAM is also investing £40.4m in this project which will generate spin-off economic activity, both short and long term in the construction sector and supply chain as well as a number of new apprenticeships."
Mr Burke added that project was: “terrific news for Glasgow and the wider construction sector” and he also confirmed that BAM’s “team is keen to get started and will be moving on site on 7 January.”
BAM Construct is the UK contracting arm of Royal BAM Group of Holland. The Dutch builder aims to complete construction by 2015 and hopes to achieve an eco-rating of BREEAM 'Excellent'.