Virgin Money's Glasgow head office to bring £2.8bn economic boost

An ambitious Glasgow development is estimated to generate up to £2.8 billion for the Scottish economy over the next 25 years.

The Bothwell Steet building will include a rooftop running track as well as an 8,000-square-foot terrace. Picture: Contributed

According to an economic impact report, £1.8bn of the economic boost from HFD Group’s 177 Bothwell Street will stay in Glasgow.

The study calculated that the office block will account for £205 million gross value added (GVA) annually, based on average salaries, while its construction will have a one-off GVA contribution of £51m.

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The new building will become the head office for Virgin Money and cater for a workforce of around 3,500. Plans include a rooftop running track as well as an 8,000-square-foot terrace.

An artists impression of the Glasgow building which will be the new home of Virgin Money. Picture: Contributed

Stephen Lewis, MD at HFD Property Group, said: “Positive effects of the development will also spread throughout the local economy, from the likes of supplier contracts for IT and office equipment, to increased spend on the building’s extensive neighbouring amenities.

"While we are still in the early stages of the project, the positive impacts highlighted in this appraisal are a welcome indicator of its future contribution not only to Glasgow, but Scotland too."

Virgin Money chief executive David Duffy added: “We have a long and proud history in the city of Glasgow where Clydesdale Bank was founded in 1838.

"We’ve created so many positive memories in our current St Vincent Place Head Office which we relocated to in 1860 with just 50 staff and four porters. Having central heating back then was considered cutting edge; a far cry from the innovative design and structure and impressive environmental credentials that attracted us to the new Bothwell Street building."

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