Glasgow office block to be pulled down to build new office block

The Princes Building on the corner of Waterloo Street and West Campbell Street has been bought by developers Garroch Investments, who will tear it down and rebuild on the site.

The move has been criticised by a local councillor who said too many buildings were disappearing.

Andrew White, Development Manager and Shareholder of Garroch Investments, said: “I have been looking for an office development opportunity in Glasgow for the last couple of years, and I am delighted that, with Savills assistance, Garroch has been able to secure such a prime opportunity in the current development cycle where there is such a shortage of Grade A accommodation.”

The mid-1960s building was previously occupied by Lloyds Banking Group, and more recently Barclays.

The location is considered a “100% prime office pitch within Glasgow’s Central Business District”.

The new development is expected to create around 1,200 new jobs in the city and create an end value in the order of £75million.

The building is safe and not in need of demolition as it is currently being used by the Clutha Trust, a Scottish charity in the arts, heritage, culture and science for those in need.

However it is to be pulled down to allow a grade A block to be build which the developers say will help meet the demand for high quality accommodation meeting higher energy efficiency and environmental standards.

Stuart Orr, Director at Savills Glasgow, said: “Subject to securing the necessary planning permission, it is Garroch’s vision to help provide a solution with a brand new building meeting the highest environmental credentials and providing the city with much needed new stock.”

Christy Mearns Green councillor for the Anderston/City ward said:“It is appalling the rate at which we are seeing buildings disappear across our city. Whether due to neglect, or more profit to be found in pulling down and replacing, it’s a worrying trend which not only threatens our city’s cultural identity, but also our response to the climate emergency.

"It’s time more attention was given to this on a national level.

“There needs to be more incentives for the creative reuse of existing buildings, instead of VAT reductions on new builds, and local tax exemptions on unoccupied ones.

“Powers such as Compulsory Sales Orders should be implemented without any further delay, to save and pass over buildings which are being deliberately run down.

“These buildings are part of our collective cultural identity and it should not be down only to individual owners to decide their fate.”