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£88.9m funding secured for biggest office development in Glasgow

HFD Property Group has secured an £88.9 million development loan to complete the 313,116 sq ft accommodation at 177 Bothwell Street, the final part of the Bothwell Exchange office campus.

The building, which is said to be the largest multi-occupancy office building in Glasgow once complete, has already secured tenants, with Clydesdale Bank signing a 22-year leave for more than 116,000 sq ft. HFD Property Group’s managed office division will also lease over 60,000 sq ft of the development.

The development will feature the first office rooftop running track in Scotland, an external roof terrace, in addition to charging point for electric vehicles. The building will also be the first in Scotland to achieve platinum certification from WiredScore for IT connectivity.

The four-year funding package from the Bank of Scotland real estate and housing team’s Green Lending Initiative provides HFD Property Group with the capital to progress with the development. The scheme is said to incorporate a number of sustainability features, including achieving an A-rate energy performance certificate and using 100% renewable power.

This deal follows on from several financial arrangements between the Bank of Scotland and HFD Property Group which resulted in successful development, such as the 122 Waterloo Street building back in 2016, and a £54m investment for Sir Ian Wood House in Aberdeen.

Managing director at HFD Property Group, Stephen Lewis, commented:

“With Bank of Scotland’s backing, we’ll be able to realise our ambition of supporting Glasgow’s economic growth by providing modern sustainable space for world-class occupiers.”

Relationship director for Bank of Scotland Real Estate and Housing, Alan Brennan, discussed how Bank of Scotland has had a good working connection with HFD Property Group for years, and believes:

“Our latest green loan to the group will help unlock a highly-sought after scheme that will be at the forefront of the commercial real estate market in the city for years to come, while rewarding HFD for its proactive approach in reducing its carbon footprint.”

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