In 2013 SPRUCE provided a c.£10m senior debt facility to an Abstract Securities led speculative Grade A office development at 303 St Vincent Street, Glasgow. The new building can accommodate 2,000 staff over 10 floors 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 is an example of the SPRUCE fund helping to address market failure in the provision of mainstream commercial finance to Scottish property transactions, and it assists with the delivery of the Scottish Government’s long term regeneration aims and objectives.
The project has created low carbon business space and also employment and training opportunities through both the construction period 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.
This project builds on Amber and SPRUCE’s existing profile as a key real estate lender in Scotland.
Construction jobs sustained
BREEAM Excellent office space