GLASGOW CITY INNOVATION DISTRICT (GCID) DEVELOPMENT OPPORTUNITY
Project Value: £150 million Investment Type: Various Location: Glasgow City Centre Landowner: Scottish Enterprise Timescale: 2024-2027 Status: Early-stage concept
PROJECT OVERVIEW
Development Opportunity within Glasgow City Innovation District (GCID), Scotland’s first innovation district and a global hub for entrepreneurship, innovation, and collaboration.
Opportunity to work with Scottish Enterprise, the University of Strathclyde and other stakeholders to develop 2.5 acres (1.01 Ha) of land located at the heart of GCID and within the Technology and Innovation Zone. Scottish Enterprise and the University of Strathclyde have already invested over £100m in developing a first phase of development within the Zone.
The development plots have capacity to accommodate up to 18,580m2 (250,000ft2) of space which Scottish Enterprise and stakeholders would want to see targeted at science and technology-based users, building on the already established and successful “industry cluster” model and benefiting from a developed ecosystem which nurtures innovation and growth.
The Innovation District, located in the heart of Glasgow City Centre, is a partnership between Glasgow City Council, the University of Strathclyde, Scottish Enterprise, Glasgow Chamber of Commerce and Entrepreneurial Scotland. It is home to innovative companies and organisations as well as UK Catapult centres and Scottish Funding Council innovation centre, providing those who locate to GCID with opportunities to accelerate growth, improve productivity and access world-class research and technology from the University.
This is a collaborative approach with industry, government and innovation centres working together to identify and deliver challenge-led innovation.
GCID is home to:
- Four Scottish Innovation Centres (The Data Lab, Digital Health & Care, CENSIS & IBioIC)
- Five UK Catapults (Offshore Renewable Energy, Space Applications, Connected Places, Energy Systems & High Value Manufacturing)
- The UK’s only Fraunhofer Institute (Centre for Applied Photonics)
- Four UK National Laboratories/PSRWs (NPL, NEL, LGC, Dstl)
- Royal Academy of Engineering Enterprise Hub
- Key industry research centres including Rolls Royce and Weir Group
- A number of high growth science and technology companies (Statkraft, DxCover)
INVESTMENT OPPORTUNITIES
Significant investment opportunities on these greenfield sites include:
• Joint Venture Partner • Development Finance • Operator Investment
STATUS UPDATE
No current planning consents.
Site ownership or control is secured
Scottish Enterprise (SE) owns the development plots.
Proposed use is identified or permitted in planning
The proposed uses are in line with GCC Planning Authority’s aspirations for the site. SE obtained consent for a 9.290m2 (100,000ft2) Grade A office which has lapsed but has established the principle of office development on the site. The proposed targeted use of science and technology-based accommodation is in line with GCC policy for the site.
The project caters for a market with identifiable demand
TIC/Inovo buildings which formed phase 1 of the Technology Innovation Zone development are fully occupied and there is an opportunity to fulfil a need to provide the right type of space (flexible office/lab space) which can meet emerging needs within GCID.
The project is near market and investor-ready
Previous work has been undertaken by Scottish Enterprise and the University of Strathclyde on possible designs, costs and delivery on the two separate buildings that might be accommodated on the development sites, but these have not been taken forward. SE would be seeking to work with any Joint Venture or investing partner to more fully develop plans that complement other existing and pipeline projects currently under consideration.
The project offers a potentially acceptable investment return
Scottish Enterprise owns the sites and there is an opportunity to work with Scottish Enterprise and partners in this area that is at the forefront of innovation and sustainability with access to the knowledge campus and emerging industries and inward investment. The aim is to provide investors with a viable commercial proposition which can also fully align with SE and other GCID stakeholder’s innovation economy proposition, jobs and sectoral growth objectives.
