Scottish architecture firm Mosaic has submitted a planning application on behalf of Garroch Investment to create a new office development in the centre of Glasgow.
The application would see Princes House being demolished to make way for a new Grade A office development.
Originally constructed in the mid-1960s, Princes House was formerly home to Lloyds Banking Group, and more recently Barclays. It occupies a prominent corner plot on Waterloo and West Campbell Street.
The development of the Magnet building is expected to create around 1,200 new jobs in the city and create an end value in the order of £75m.
The planned range of staff facilities include a gym, informal breakout spaces, cycle storage and charging facilities, and staff changing and clothes drying rooms.
Neil Haining, director at Mosaic, said: “The location of the site offers the opportunity for Magnet to be a highly visible landmark within the city through the generation of a taller building than that existing on a gateway site to the city centre.
“As Glasgow needs more mixed-use developments in this part of the city, Magnet will offer a new build mixed-use commercial development with ground floor retail use with commercial office space above.”
Andrew White, development manager for Garroch Investments, added: “Magnet will be redeveloped to provide new best in class Grade A offices, of which there is a shortage in Glasgow.
“It will incorporate high quality materials throughout that have longevity and will aim to achieve the highest standards of sustainable design and construction, incorporating long term plans for effective management and maintenance.”
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