Glasgow’s Buchanan Wharf reaches ‘Topping Out’ milestone

Drum Property Group’s £500million regeneration of Buchanan Wharf on Glasgow’s Clydeside has reached another development milestone with the completion of structural work for its final construction phase.

Construction of the new six-story headquarters for the Student Loans Company (SLC) has now reached its culmination, with the 75,000 square foot building expected to be occupied in 2023.

Drum first announced the deal to bring SLC to the site in September 2021, which will accommodate up to 1,100 staff at the purpose-built complex under a 20-year deal. Construction was then funded by Legal & General Investment Management Real Assets, with construction beginning in December 2021.

Senior representatives from Drum, SLC, Legal & General and building contractor Graham Construction gathered to mark the occasion with a traditional ‘fill in’ ceremony celebrating the final pour of concrete on the highest part of the building .

The completion of the SLC building represents the final piece of the jigsaw for the Buchanan Wharf site, one of the largest developments ever in Scotland. The site already houses the headquarters of Barclay’s state-of-the-art Northern European campus, as well as an 18-storey, 324-apartment residential complex for Legal & General which will be completed later this year. The site will also offer a mix of local amenities and landscaped public spaces.

Speaking at the completion ceremony, Graeme Bone, Group Managing Director of Drum Property Group, said: “We are now witnessing the true scope and potential of Buchanan Wharf being delivered before us. In less than four years, and in challenging times, our exciting development vision has now been fully realized.

“Today’s Topping Out Ceremony is both a celebration of a superb building and a fitting testament to the trust, commitment and resilience that Drum and all of its development partners have shown to finally delivering the wider Buchanan Wharf – one of Scotland’s most significant commercial and residential projects.. We are proud to bring new investment, energy and excitement to Glasgow city centre, placing the River Clyde once again at the heart of the city’s economic, social and cultural renaissance.

The SLC building supports the organization’s ambition to become a more modern, responsive and sustainable organization as part of its multi-year transformation program to deliver an exceptional customer experience through the use of new technologies. It will also provide better value for the taxpayer.

Stephen Campbell, Chief Information Officer of the Student Loans Company, said: “The development of Buchanan Wharf has transformed the landscape of the city center and the River Clyde, providing a leading, state-of-the-art campus. We are delighted that the shell of our building is now complete, which marked an essential milestone in this project.

“We now work more flexibly, spending time in the office and at home. It helps us harness the value of colocation – the social interaction, team connection, rich collaboration, improved quality of learning, and sense of belonging we get from time spent in the office. as well as the quiet focus and balance we get from working from home.

“We are creating a desktop experience, with the help of our colleagues, that encourages and facilitates collaboration while supporting future ways of working. It will also allow us to continue to improve our customer experience for our eight million customers across the UK.

The term financing of the building by Legal & General cements the ongoing and strong relationship with Drum Property Group, providing LGIM Real Assets with another government office for its regional portfolio.

Neil Dovey, Head of Annuity Transactions for LGIM Real Assets, added: “We are delighted to see the building developing at a strong pace and look forward to its completion next year. Buchanan Wharf is a program of the highest quality and this new building will complement our Build to Rent program which opened last month.

“The investment demonstrates our continued commitment to regions, leveling up and the growing strength of regional hubs across the UK. Our focus on inclusive capitalism means we are uniquely placed to deliver some of the city centers and programs UK’s most important urban regeneration schemes, which are rapidly transforming and reshaping the UK landscape, bringing jobs and services back to city centres.

For more information on Buchanan Wharf, visit www.buchananwharf.com

About Donnie R. Losey

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