Economy Secretary visits 55 Douglas Street to mark Building Scotland Fund milestone

14th January 2020 By Clark Contracts Ltd

Building Scotland Fund2

Economy Secretary, Derek Mackay marked a £100m milestone for Building Scotland Fund by visiting Signal Capital’s 55 Douglas Street office development in Glasgow, which is being delivered by Clark Contracts. 


The fund, backed by £150 million in total, was established as a precursor to the Scottish National Investment Bank and has the same values, principles and ambitions.


Over £100m has now been used to support housing, regeneration and industrial and commercial developments, with 55 Douglas Street benefitting from £12m of this fund. 


55 Douglas Street has undergone a full CAT A fit out along with the construction of a 10,000sq.ft extension and the creation of a new modern reception area. Upon completion the building will provide over 85,000sq.ft of Grade A office space in Glasgow city centre.


Mr Mackay said, “I am delighted that the Building Scotland Fund has now agreed investments of £100 million, unlocking projects in excess of £238 million and providing a significant boost to the Scottish economy.”


“This milestone is an important step not only for the Building Scotland Fund but also lays a strong foundation for the Scottish National Investment Bank – paving the way for it to become a cornerstone institution for Scotland’s economy.”


“A total of £25 million of BSF funding is being invested in projects through the SPRUCE urban regeneration fund. This includes the new high-spec refurbishment at 55 Douglas Street which is helping to revitalise Glasgow’s city centre and bring additional capacity for business and jobs.”


“BSF has also agreed investments of £75 million in a range of housing projects, from large-scale transformational projects to smaller developments being delivered by small to mid-size enterprise housebuilders. This is supporting the development of more than 5,500 homes and around 600 full time jobs.”


Gareth Richardson, director of asset management at Signal Capital, said:  “The funding we have received through the BSF has been invaluable. Without that level of investment, we would not have been able to maximise the potential of the building by creating a 10,000 square foot extension, providing larger floor plates and a complete transformation of the front exterior. This much needed additional space will help address Glasgow’s critical shortage of high quality office accommodation, enabling the city to attract and retain occupiers which in turn encourages economic growth.”


Gerry Cummins, Director at Clark Contracts added, “It was great to welcome Mr Mackay to our site to celebrate the success of the Building Scotland Fund and its contribution to providing much needed Grade A office space within Glasgow city centre. We are delighted to be working with Signal Capital on this project and look forward to seeing the finished product in the coming months.”

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