£12m boost for regeneration project

19 Mar 2019

The Scottish Partnership for Regeneration in Urban Centres (SPRUCE) is committing £12 million, in the form of a loan, for the renovation of the office development at 55 Douglas Street, previously known as the Cerium Building, in the IFSD.

The renovation by Signal Capital will deliver 85,000 square feet of new Grade A office space over six levels and is due for completion in November 2019.

Communities Secretary Aileen Campbell said: "The transformation of this building will further enhance the city's reputation as a place where companies from across the globe will choose to locate and do business, providing jobs for local people."

Gareth Richardson, Director of Asset Management for Signal Capital said: "The SPRUCE fund is a great initiative that will help us deliver some of the best available office accommodation in Glasgow in 2019".

The Cerium building was formerly home to Morgan Stanley which, last year, moved its 1,400 strong workforce across the road to brand new purpose built offices at 122 Waterloo Street.

Underlining current levels of development activity in the IFSD, a new head office for CYBG, owners of Clydesdale Bank, is underway on the site directly adjacent to the new Morgan Stanley office.