McLellan Works

McLellan Works is a mixed-use scheme comprising 15,900 sq ft of retail space across 9 units on the ground floor with 30,800 sq ft of office space on the three upper floors. The works funded by SPRUCE included the refurbishment of c20,000 sq ft of lettable office space, refurbishment of all common areas, removal of an existing retail space to create a co-working lobby area with public café, reintroduce access to a Glasgow City Council-owned exhibition space via the lobby, and upgrading of the facades on the building frontage.

This 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:

• Improving the potential of urban areas to develop – by encouraging enterprise start-ups and SME enterprises. 
• Conversion and adaptation of industrial sites and business centres and facilities that offer employment and training to people living in targeted areas. 
• Facilitates regeneration by increasing access to development finance for speculative property refurbishment projects and hence addressing the market failure for this in the current banking market.