Plans submitted for £75m office

27 May 2022

The demolition of Glasgow's Princes House to develop Magnet, a £75M Grade A office development in the IFSD, is the subject of a planning application by Mosaic Architecture + Design, on behalf of Garroch Investments.

Occupying a prominent corner plot on Waterloo and West Campbell Street, Princes House was constructed in the mid-1960s. It was formerly home to Lloyds Banking Group and more recently, Barclays.

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

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.