GLASGOW CITY INNOVATION DISTRICT (GCID) DEVELOPMENT OPPORTUNITY
Project Value: £130-150 million Investment Type: Various Location: Glasgow City Centre Landowner: Scottish Enterprise Timescale: 2025-2030 Status: Design of 9.290 sq m office building (lapsed) but otherwise still early-stage concept
PROJECT OVERVIEW
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. SE/UoS has already invested over £100m in developing a first phase of development on adjacent sites constructing the Technology Innovation Centre (TIC) and commercial office building inovo.
The development plots have capacity to accommodate up to 18,580 sq m (200,000 sq ft) of space which SE currently envisage being targeted at science and technology-based users, building on the already established and successful “industry Cluster” model and benefiting from an already established ecosystem which nurtures innovation and growth.
The Innovation District, anchored by the University of Strathclyde, is a partnership between Glasgow City Council, the University, Scottish Enterprise, Glasgow Chamber of Commerce and Entrepreneurial Scotland and is a home to innovative companies and organisations as well as UK Catapult centres and Scottish Funding Council innovation centres.
Located in the heart of Glasgow City Centre, the District is home to many innovative companies and organisations who've located within the district to nurture and 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)
- Key industry research centres including Rolls Royce
- A number of high growth companies
“The Innovation District concept has been around for decades. What we’re seeing here and around Glasgow is a realisation of the proposition where we bring great talent and great infrastructure, great research and innovation capability, but very importantly, the creation of clusters with OEMs and supply-chain partners.”
- Professor Sir Jim McDonald, Principal and Vice-Chancellor
University of Strathclyde
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 Glasgow City Council (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 offers a potentially acceptable investment return
Scottish Enterprise owns the sites and there is an opportunity to work with SE and partners to focus on further development of GCID and to be involved in an area already at the forefront of innovation and sustainability with access to 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 economic jobs and sectoral growth objectives.
The project is near market and investor-ready
Previous work has been done by SE/UoS on possible designs, costs and delivery on developing these two separate development plots but these proposals have not been taken forward. SE would be seeking to work with any j/v or investing partner to more fully develop plans for these two development plots that complement other existing and pipeline SE and partner projects currently under consideration. SE has commissioned work to consider how these sites can be developed to complement other potential investment in SE owned sites within GCID.
