In 2013 SPRUCE provided a circa £10m senior debt facility to an Abstract Securities led speculative Grade A office development at 303 St Vincent Street, Glasgow.
The new building which has been delivered can accommodate 2,000 staff over 10 floors (15,807 sqm top-grade space) with a 78 space car park.
At the time of entering into the transaction there was very limited if any commercial bank finance available for speculative property development in Scotland.
The project created low carbon business space and also employment and training opportunities through both the construction period (250 jobs) and the operational phase of the asset’s life.
The majority of floors in the building have been successfully let to a variety of high quality tenants, and the project has gone some way to stimulating further commercial real estate development within the central Glasgow core.