Bruntwood SciTech today acquired Glasgow’s Met Tower from Osborne & Co for £ 16.2 million to make it Glasgow’s new hub for technology and digital businesses.
The 14-storey, Class B, former Glasgow College building has remained unoccupied since 2014 and will undergo a £ 30 million transformation program.
When completed, the building will act as a hub for university centers such as SOLASTA Bio, along with start-ups and major technology companies.
“Glasgow’s science and technology sector is growing rapidly, having seen some of the highest growth in the UK in two years, and now represents 28% of all jobs in the city“Said Kate Lawler, CEO of Bruntwood SciTech.
According to Tech Nation, Glasgow is one of the fastest growing technology investment centers in the United Kingdom. Technology companies in Scottish cities attracted £ 43 million in investment in 2020 – an increase of 156% compared to 2019.
Lawler added: “As a result, he has maintained his position in three leading technology cities in the United Kingdom outside London. This is our first in hopefully several brilliant projects in the country. ”
Bruntwood SciTech is a partnership between investor and property developer Bruntwood and financial services firm Legal & General.
The Scottish hub will join SciTech’s Bruntwood innovation network in seven locations in Birmingham, Cambridge, Cheshire, Manchester, Leeds, Liverpool and Oxford.
Glasgow-based carmaker Munro 4 × 4 EV recently said it will produce its Mark 1 in the city.
Plans for the building include zero on the tower. Work is expected to begin later in the year, depending on planning, with completion expected in 2024.
According to Bruntwood SciTech, this move will generate over 40,000 jobs over the next 10 years.
Bruntwood SciTech’s portfolio is worth over £ 600 million and consists of over 2.4 million square feet.
Earlier this year, the UK technology industry reached an estimate of $ 1 trillion (£ 764 billion), a milestone previously achieved only by the United States and China.