Plans submitted to replace Glasgow building with £75m office tower housing hundreds of workers

Plans have been submitted to demolish a building in Glasgow city centre and replace it with a “class-leading” £75 million office development housing hundreds of workers.

Mosaic Architecture + Design has submitted the planning application on behalf of Garroch Investments to replace Princes House and develop the new scheme, dubbed Magnet.

Constructed in the mid-1960s, Princes House was formerly home to Lloyds Banking Group, and more recently Barclays. It occupies a prominent corner plot on Waterloo and West Campbell streets, just a short walk from Central Station.

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The development of Magnet is expected to create an end value in the order of £75m, backers of the project said.

Neil Haining, director of Mosaic, said: “The location of the site offers the opportunity for Magnet to be a highly visible landmark within the city through the generation of a taller building than that existing on a gateway site to the city centre.

“As Glasgow needs more mixed-use developments in this part of the city, Magnet will offer a new build mixed-use commercial development with ground floor retail use with commercial office space above.”

A wide range of staff facilities will be provided to “enhance wellbeing and welfare” within the building, including staff gym, informal breakout spaces, cycle storage and charging facilities, and staff changing and clothes drying rooms.

Andrew White, development manager for Garroch Investments, said: “Magnet will be redeveloped to provide new best-in-class Grade A offices, of which there is a shortage in Glasgow.

How the Magnet office building in Glasgow city centre would look when completed.

“It will incorporate high quality materials throughout that have longevity and will aim to achieve the highest standards of sustainable design and construction.”

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