The home of Virgin Money at Glasgow’s 177 Bothwell Street will contribute £2.8 billion to the economy over 25 years, according to a survey commissioned by its developers HFD Group.

The report carried out by EKOS, the economic and social research consultants, says the cumulative GVA will come from the one-off benefit of construction work valued at £51 then the salaries earned by the 3500 workers within.Once fully occupied, it is expected to account for around £205 million GVA annually.

The report outlines the building’s collective benefits for occupiers, workers and the wider economy, from an increased talent pool and opportunities for knowledge sharing, to lower transport costs and economies of scale.

Stephen Lewis, managing director at HFD Property Group, said: “177 Bothwell Street’s impact spans much further and wider than the jobs created in the building’s construction and the employees working under its rooftop running track.

“Positive effects of the development will also spread throughout the local economy, from the likes of supplier contracts for IT and office equipment, to increased spend on the building’s extensive neighbouring amenities.

“While we are still in the early stages of the project, the positive impacts highlighted in this appraisal are a welcome indicator of its future contribution not only to Glasgow, but Scotland too.”

The building’s highest profile occupier will be Virgin Money, the PLC which owns Clydesdale Bank and was formerly known as CYBG. It is due to be completed in Q2 2021 and will be Glasgow’s largest single office building. also feature a rooftop terrace and running track, 318 cycle spaces, electric vehicle charging points. HFD Group’s own serviced office business Opus will take more than 65,000 sq ft on the building’s ground, first and second floors.

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It is the second and final phase of HFD’s Bothwell Exchange development, following the delivery of 122 Waterloo Street for Morgan Stanley.

David Duffy, Virgin Money chief executive, said: “We are extremely excited about what the next chapter looks like for Virgin Money in Scotland when we move our Glasgow head office into 177 Bothwell Street.

“We have a long and proud history in the city of Glasgow where Clydesdale Bank was founded in 1838. We’ve created so many positive memories in our current St Vincent Place Head Office which we relocated to in 1860 with just 50 staff and four porters. Having central heating back then was considered cutting edge; a far cry from the innovative design and structure and impressive environmental credentials that attracted us to the new Bothwell Street building.

“Alongside the environmental benefits, the new building will also provide a huge boost to the local Glasgow economy as well as the whole of Scotland. As we disrupt the banking status quo it‘s important that we continue to attract, recruit and retain the best talent for today and for the future from the surrounding communities and beyond.”



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