In 2012 SPRUCE provided a £9.6m senior debt facility to the BAM Properties led development at 110 Queen Street in central Glasgow.  The completed building comprises a total of 224,000 sq ft of new space over eight floors, a ground floor with reception and retail space, and basement car parking.

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Sector
Status
Location
Ownership
Financial close
Concession term

THE BACKGROUND

At the time of entering into the transaction there was very limited if any commercial bank finance available for speculative property development in Scotland.  The 110 Queen Street project is an example of the SPRUCE fund helping to address market failure in the provision of mainstream commercial finance to Scottish property transactions.

The project assists with the delivery of the Scottish Government’s long term regeneration aims and objectives;

  • Creation of low carbon business space
  • Creation of employment and training opportunities through both the construction period and the operational phase of the asset’s life.
  • The building is fully occupied with high quality tenants
  • Development has provided a stimulant to further commercial real estate development within the central Glasgow core.
  • The SPRUCE facility has been repaid.

Facts

BREEAM Excellent office space

165,000sq ft

Senior debt facility

£9.6m