Work starts on £60 million Cuprum scheme in Glasgow
Work has started on the development of Cuprum, a new £60 million grade ‘A’ office and residential development being developed by Kenmore and Taylor Woodrow.
25 May 2007
Kenmore and Taylor Woodrow are set to continue the on-going regeneration of Glasgow’s Cadogan Square after work started on the development of the Cuprum, a new £60 million grade ‘A’ office and residential development in the heart of the city centre.
Kenmore and Taylor woodrow are developing Cuprum speculatively with Kenmore providing the forward funding.
The Aedas designed scheme offers the very best office accommodation to meet the rising demand within central Glasgow for more high quality commercial accommodation. The scheme comprises a 96,000 sqft (8,918 sqm) six storey office block providing a variety of open aspects overlooking the city from floorplates of up to 16,000 sqft (1,486 sqm). There will also be provision for 37 car parking spaces. Development is expected to be completed in Autumn of 2008.
DTZ and Jones Lang La Salle have been appointed as joint leasing agents.
Cuprum is the latest stage of a major mixed use programme to regenerate the Cadogan Square area of Glasgow city centre and which has subsequently attracted a range of blue chip occupiers including the Hilton Group, the Scottish Executive, Scottish Power, the Ministry of Defence and Morgan Stanley creating or securing more than 2,500 jobs.
Taylor Woodrow Property Development Director, Guy Parker, feels the mix of top quality office accommodation and living space will continue to build on the success of a development which has the full involvement and support of Glasgow City Council.
“Each of the partners involved in the development feels there is huge potential for the Cuprum project, especially as the demand for top quality office and living accommodation shows no signs of abating in central Glasgow,” he added.
“Our market knowledge tells us that the Grade ‘A’ office space currently being built in the city is almost certain to have been taken up by the middle of this current calendar year and therefore the timing could not be better. Demand for top quality residential apartments is also high in the city centre and Cadogan Square is ideally placed to take advantage of the city’s amenities. T
The Council’s vision for the area is shared by everyone involved and we are now considering the masterplanning requirements to complete the remainder of the site.”
Kenmore Investment Director, Grant Rawlinson, said:
“We are delighted to have completed the funding of Cuprum, highlighting our appetite for new development opportunities in the UK. Cuprum also reflects Kenmore’s ability to adapt and adopt a widening range of deal structures. We have already witnessed considerable success in the area with the construction and letting of the Sentinel Building and believe the mix of office and residential accommodation within this scheme will again capture the imagination of the marketplace.”
“Each of the partners involved has the vision and experience necessary to make this happen and deliver Glasgow with another opportunity to enforce its growing reputation in the UK office market.”