Archive for July 8, 2009
July 8, 2009, 6:18 am
Leases for commercial space in Glasgow were down by 50% in the early months of 2009, according to data from Cushman & Wakefield, but the trend is about to change dramatically. Though only 43,573 square feet were let in the first quarter, the second
may see another 190,000 square feet taken up by Shell and Tesco.
The Grosvenor building in Glasgow is Shell’s current location, but the company is considering a move to 90,000 square feet in 141 Bothwell Street, owned by Premier Property Group. Shell’s headquarters are in The Hague, Netherlands and the move is still in the negotiating stage.
PricewaterhouseCooper recently leased 28,000 square feet in the Bothwell Street location, and if Shell makes the move, the shared office space would be almost all taken at the going rate of £28/sq ft.
Tesco, the behemoth of supermarkets in the U.K., is expanding its personal finance division after buying out its joint venture partner, the Royal Bank of Scotland. It has been reported that the company is considering the take-up of about 100,000 square feet in Glasgow. Two possibilities are the brand new Broadway One site for sale by IVG and Ediston Properties, and the Capella building with 110,000 square feet in Atlantic Quay..
Tesco has further expressed interest in purchasing the Broadway Two property, also owned by IVG and Ediston. The giant Tesco, Europe’s answer to Wal-Mart in the U.S., is planning considerable expansion by year’s end. Thirty new branches of the Personal Finance arm of the company are in the works, probably to be labelled ‘Tesco Bank’.
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(posted in the Commerce, Plugs, Realty Management category)
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