Clyde Gateway oversaw the delivery of a first phase of land remediation in the Shawfield area at a cost of around £28m, including VDLF, ERDF and other sources of income). This first phase remediated 11 hectares of highly contaminated land that was left behind by past industries (that closed decades ago).
The implementation of the remediation strategy (phase 1) enabled Clyde Gateway to reach agreement with commercial development partner – Highbridge Properties – a specialist business park developer to deliver Magenta. It will comprise 1.2 million square feet of space and will be the largest office development in Scotland with the capacity to bring 12,000 new jobs within Grade A office space that can be designed to meet precise requirements and standards.
The first new office block, Red Tree Magenta, opened at the end of 2018. Supported by £2.9m from RCGF, it was conceived as a property which could offer 40 suites (40,000 square feet) of Grade A office for small and medium sized businesses, but with the ability to meet the needs and demands of larger occupiers.
The Red Tree Magenta offices were initially expected to be occupied by around 20% in the short term whilst demand for business space in the area grew, however expectations were quickly surpassed and the building is now 100% occupied by various sized businesses.
This 100% occupancy demonstrates the level of confidence amongst businesses in deciding to be located in the heart of the Clyde Gateway area, benefitting from first class office accommodation only a few miles from Glasgow’s city centre, and offered at very attractive rates by comparison.