GLOBAL property development and investment firm, Osborne+Co, has achieved planning consent from Glasgow City Council to create a significant mixed-use city centre development, following the submission of a detailed planning and listed building application in April 2020.
The major refurbishment project will include the transformation of the City of Glasgow College building, known as the Met Tower, on North Hanover Street, to deliver 120,000 sq ft of state-of-the-art de-furbished Grade-A office space.
Osborne+Co plans to demolish an existing ‘podium’ building facing Cathedral Street to make way for a 260-bed hotel across 11 floors, which would connect to the Met Tower via a landscaped plaza, also accessible to the public.
A flexible double height auditorium space will be created below the plaza which could also suit a market hall, co-working space or a suite of highly adaptable meeting rooms and theatre style conferencing facilities. This will link to the reception level of the tower and will have its own separate entrance on North Hanover Street.
Given the building’s location in the heart of the Glasgow City Innovation District and its proximity to University of Strathclyde, Osborne+Co is confident that the space will be attractive to tech firms as well as other sectors of the market.
In total, the mixed-use development will represent a £100 million investment from Osborne+Co, which also has a landmark construction project underway on Argyle Street which will become JP Morgan’s European technology hub, accommodating up to 2,700 staff.
Will Hean, Osborne+Co development director, said: “Achieving planning consent comes at a critical time in the real estate market which continues to be challenged because of the coronavirus pandemic.
“Despite this, we are committed to investing significantly in Glasgow as we recognise the strength and diversity of the Glasgow economy.
“Glasgow’s tech sector in particular will be significant as the economy works its way back to strength.”
Stuart Patrick, Glasgow Chamber of Commerce chief executive, said: “This is excellent news and a strong sign of continued investor confidence in the long-term future of Glasgow City Centre.
“It is a bonus that the Met Tower office and hotel development sits within the University of Strathclyde’s Glasgow City Innovation District and as such is the kind of project that will help shape Glasgow’s growing role in the industries of the future.
“The provision in the design of a new public space for the heart of the city is also to be applauded.”