Dalmore House

Dalmore is a c70,000 ft2 landmark building at 310 St Vincent Street. The building is 0.5 miles to the west of the city centre, and is close to the M8 motorway and Charing Cross and Anderston railway stations.

The property is arranged over basement, ground and nine upper floors with 56 surface parking spaces. Tarn Crag comprehensively refurbished the building to a modern Grade “A” EPC “B” standard, with a view to letting and selling the building. At the time of entering into the funding there were no pre-lets in place.

The Dalmore Project has a strong alignment with SPRUCE’s strategic objectives and Scottish Government regeneration policy. The facility is being drawn against an agreed construction profile, with monies released following SPRUCE Monitoring Surveyor certification.

SPRUCE funding for the transaction originated from additional capital injected into the fund by the Scottish Government in the form of 2016/17 Financial Transactions Capital. This ring-fenced additional funding tranche was received into SPRUCE following the successful progress of the fund to date.

• Amber invested in this asset as it met the objectives of the SPRUCE fund.
• Amber is the Fund Manager to the Scottish Partnership for Regeneration in Urban Centres (SPRUCE) which is an Urban Development Fund (UDF) that supports regeneration and green energy projects throughout Scotland. The fund provides an innovative source of finance to eligible projects which are aligned to the Scottish Government’s regeneration and green energy strategies. Amber has been managing SPRUCE since its inception in 2011.
• SPRUCE is a recyclable regeneration and energy efficiency fund, sourced from the Scottish Government, the European Investment Bank and the private sector, and is an innovative source of finance for projects that deliver outcomes aligned to key Scottish Government policy objectives.
• SPRUCE supports a wide range of urban regeneration activity within well-defined, integrated, sustainable urban development plans. The Fund’s Investment Policy seeks projects in the following sectors: 
  • Rehabilitation of the physical environment
  • Construction of new buildings and/or renovation of existing ones and associated site specific infrastructure and servicing
  • Training and e-learning centres, including investment to increase ICT access
  • Creation of safe transport links between areas of opportunity and areas of need
  • Energy efficiency retrofit works delivering energy savings of at least 20% per annum
  • Energy production from renewable energy and low carbon technologies