Atlantic Square, a joint venture between BAM Properties and TCP Developments, and LGIM Real Assets (Legal & General). Work l began in March 2018 on the development of circa 284,000 sq. ft. of Prime Grade A office space, 187,000 sq. ft. of which will house the next UK Government hub. The development is expected to have an end value of more than £100 million.
HM Revenue and Customs (HMRC) formally signed an agreement to lease the new ten storey Building 1 at Atlantic Square, for a minimum of 20 years. HMRC will be taking an estimated 187,205 sq. ft. of office space, eventually accommodating around 2,700 full-time equivalent employees from across the department by 2021. Atlantic Square is the 10th of the 13 new UK regional centres that HMRC has announced, as part of its transformation plans to create a tax authority fit for the future.
Legal & General’s forward funding of part of the development has enabled the joint venture of BAM Properties and TCP Developments to start the development of the two building scheme. The buildings have been designed by concept architects Cooper Cromar with further refinement by BAM Design and the scheme will be built by BAM Construction. Construction work began 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.
This represents Legal & General’s sixth Government hub forward funding deal and will see HMRC become one of the largest employers in Glasgow. LGIM Real Assets has secured the funding on behalf of Legal & General Retirement, which invests in high-quality, long-term UK assets that generate income streams that match its commitments to pensioners.