Work is beginning in March 2018 on the development of circa 284,000 sq ft at Atlantic Square in Glasgow by BAMTCP Atlantic Square, a joint venture between BAM Properties and TCP Developments, and LGIM Real Assets.

Legal & General Retirement will fund 187,000 sq ft of the development, which will be leased to HM Revenue and Customs (HMRC), they will occupy the new ten storey Building 1 at Atlantic Square, Argyle Street in Glasgow. BAM TCP Atlantic Square are funding the remaining 97,000 sq ft of speculative space.

Hayley Rees, Head of Direct Investments at LGR, said: “It is a great investment fit for us as it enables us to fulfil pension promises to our customers in an efficient way, whilst playing a part in driving job creation and economic growth, which is good for business as well as our customers.”

HMRC will accommodate around 2,700 full-time equivalent employees from across the department by 2021 in the building.
Dougie Peters, Managing Director of BAM Properties, said: “We are delighted to be working with LGIM and HMRC on this Grade A office development which will become one of 13 state-of-the-art regional centres for HMRC. Simultaneously, the BAM TCP Joint Venture is speculatively developing Building 2 at Atlantic Square because we believe there is a high level of demand in Glasgow for premium office space.  BAM Properties has a long and successful history of knowing when the time is right for major commercial developments in Glasgow – such as 110 Queen Street and the Clarion Building and we are confident that Building 1 and Building 2 at Atlantic Square will be equally good news for Glasgow.”

Construction work is expected to begin in March 2018. BAM TCP Atlantic Square is speculatively developing Building 2 which comprises 96,650 sq. ft. of high-quality office space and which will be complete and ready for occupation in 2020