SEC EXPANSION
Project Value: £385 million Investment Type: Grant funding, private funding, and development partnerships Location: Finnieston, Glasgow City Landowner: Scottish Event Campus/Glasgow City Council Timescale: Immediate Status: Outline planning consent granted
PROJECT OVERVIEW
The Scottish Event Campus (SEC), the home of COP26, is within the top 35 conference and events venues in the world and is a Glasgow powerhouse, delivering over £428 million to the Glasgow economy in 2022/23. The campus contains The Ovo Hydro, which was one of the top 3 busiest live entertainment arena in the world (2022) and hosts 2 million visitors annually.
The SEC has developed a ‘shovel-ready’ expansion project which has been granted outline planning consent. The project includes the expansion of the conference and exhibition space, a 220-bedroom hotel with panoramic city views from a 17th floor sky bar and improved public realm creating external event space.
Overlaying the expansion is a comprehensive Net Zero energy strategy. This includes the proposed installation of on campus solar PV (supported by battery storage), an EV charging hub, a river source heat facility producing green heat and a desktop Geothermal feasibility study. The carbon free geothermal potential is far more than the power, heating, and cooling which the SEC requires and can support the establishment of a large-scale heat network and locally produced power for the Clyde corridor.
To support the development, SEC in conjunction with Scottish Power Energy Networks, recently installed a new primary substation, with sufficient grid capacity to support SEC’s energy ambitions.
The developments would see SEC being a global leader in the conference and exhibitions industry, creating one of the world’s most sustainable event venues.
SEC Armadillo and OVO Hydro illuminated for COP26 (Nov 2021)
INVESTMENT OPPORTUNITIES
The SEC is looking for a funding partner for the hotel development and campus expansion. The campus expansion element will be a mix of public and private investment driven by the economic benefits of the expanded campus which will be of benefit to Glasgow, Scotland, and the UK.
The energy projects, in particular the geothermal project have potential to generate large volumes of power and heat, capable of being the catalyst of a large-scale heat network.
STATUS UPDATE
A comprehensive prospectus has been prepared including a detailed justification and full business plan. The economic impact of the project has been calculated adopting ‘Green Book’ principles.
Concept designs have been completed for the hotel and expansion elements along with space planning requirements for the energy elements.
Updated cost plans have been prepared for the investment options.
Site ownership or control is secured
Site is owned by Scottish Event Campus/Glasgow City Council.
Proposed use is identified or permitted in planning
Outline Planning Permission in Principle has been granted for the campus expansion and hotel. Some further approvals will be required for elements of the energy strategy.
The SEC is one of the world’s top conference and events venues and hosts two million visitors annually.
The project is near market and investor-ready
With outline planning consent, the project is ready to enter the detailed design stage with a construction start thereafter.
The project offers a potentially acceptable investment return
The SEC has identified a public and private investment opportunity with both economic benefits and resulting tax revenues as well as commercial returns for private investors.
The detailed business case will demonstrate significant economic and investment returns.
The public and private approach to funding will deliver private and public benefits.
FOR MORE INFORMATION
Billy McFadyen
Director of Finance & Development, Scottish Event Campus
email: billy.mcfadyen@sec.co.uk tel: +44 (0)7966 980251
