Buchanan Wharf Glasgow, Student Loans Company Office Development, Clydeside Property Guide
Buchanan Wharf Glasgow Offices News
16 December 2021
Construction Begins of Student Loans Company New HQ at Glasgow’s Buchanan Wharf
From L to R: Laura Pritchett, Chair of SLC Colleague Representative Group; Stephen Campbell, SLC Chief Information Officer; Graeme Bone, Group Managing Director, Drum Property Group:
Student Loans Company HQ at Buchanan Wharf Glasgow
75,000 sq ft Office set to Complete £500 Million Clydeside Regeneration
Construction of the final building phase at one of Scotland’s largest ever development projects begins today (Thursday 16 December) with a groundbreaking ceremony marking the start of the new headquarters for the Student Loans Company (SLC) at Glasgow’s Buchanan Wharf. The 75,000 sq ft office building heralds the final transformation of the £500 million Clydeside site, delivered by developers Drum Property Group. When complete, the whole Buchanan Wharf site will provide prime Grade A office space and residential accommodation together with a mix of local amenities and landscaped public spaces.
Drum announced the deal to bring SLC to the site in September 2021, bringing up to 1,100 staff to the purpose-built office complex as part of a 20-year lease agreement. The build has subsequently been forward-funded by Legal & General Investment Management Real Assets (LGIMRA), cementing the ongoing and strong relationship with Drum whilst providing LGIMRA with another regional government office for its portfolio. Buchanan Wharf is also home to Barclay’s state-of-the-art Northern European campus HQ and an 18-storey, 324-apartment residential complex for Legal & General which completes in 2022.
Welcoming the start on site, Graeme Bone, Group Managing Director of Drum Property Group, said: “Today’s groundbreaking for the Student Loans Company’s new office complex marks yet another significant milestone in the evolution of one of Scotland’s largest and most important commercial and residential projects. Drum is set to realise its exciting development vision, forged just four years ago, of transforming what was a large neglected industrial brownfield site into a thriving commercial and residential community, becoming an integral part of Glasgow’s expanding city centre. Despite facing the extreme economic and logistical challenges experienced during the last two years, this development has now re-energised this waterfront area which has always been a barometer of Glasgow’s commercial success. It once again places the River Clyde at the heart of the city’s economic and cultural regeneration.”
The new Student Loans Company office HQ is due for completion in 2023 and supports the organisation’s ambition to become a more modern, responsive and sustainable organisation as part of its multi-year transformation programme to deliver an outstanding customer experience through the use of new technology. SLC colleagues will play a lead role in the design of the new office space to optimise opportunities for collaboration and blended working to deliver a new flexible office experience. Stephen Campbell, Chief Information Officer for the SLC said: “The Student Loans Company enables people across the UK to invest in their futures through further and higher education, paying loans and grants to approximately two million new and returning students each year. Our new base at Buchanan Wharf will allow us to create an office environment that will optimise opportunities for collaboration, support future ways of working, helping us to deliver an outstanding customer experience through the use of new technologies.”
Neil Dovey, Head of Annuity Transaction for LGIM Real Assets, added: “We are delighted to acquire another Government regional office building and increase our exposure in the city further. The Buchanan Wharf development by Drum Property Group is a scheme of the highest quality and this new building will sit alongside our Build-to-Rent scheme which is also under construction. The investment demonstrates our continued commitment to the regions, the levelling up agenda and the growing strength of regional hubs across the UK. The government’s commitment to levelling up, including improving infrastructure, means regional towns and cities have the potential to take the lead on building the strongest possible recovery. We continue to facilitate landmark city centre and urban regeneration projects – yet as a long-term socially and sustainably minded investor, we are also committed to the future of all our developments and providing impactful social value to the communities that live around them.”
About Drum Property Group
Drum Property Group Ltd is a property development and investment business with a long track record of growth throughout the UK. www.drumpropertygroup.com
About the Student Loans Company:
• administers student finance on behalf of the UK Government and the Devolved Administrations of Wales, Scotland and Northern Ireland
• has 8.5 million customers and manages a loan book in excess of £177.9 billion
• processes almost 2 million applications for student finance every year
• paid out £10.5 billion in loans and grants to new and existing students, as well as £11 billion in tuition fees to higher and further education providers in the last year
• employs over 3000 staff across four sites in Glasgow, Darlington and Llandudno Junction
• The lease agreement provides long term financial benefits to the taxpayer, contributing towards SLC’s strategic goal of delivering more for less.
About Legal & General:
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With almost £1.3 trillion in total assets under management*, we are the UK’s largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, alternative asset origination, life insurance, workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
* at 30 June 2021
About Legal & General Investment Management Real Assets (LGIMRA):
LGIMRA is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £1.3 trillion in assets*, working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors. LGIM Real Assets has assets under management of £35.6 billion* and is one of the largest private markets investment managers in the UK. Investing in both debt and equity and across the risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial, operational and residential property sectors, as well as infrastructure, real estate, corporate and alternative debt. Taking a long-term view to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level. In 2021, the company is implementing a strategy as part of our commitment to net zero carbon emissions across the real estate equity business by 2050 and have also committed to measuring social value across 20% of our platform by the end of the year.
* at 30 June 2021
15 September 2021
Drum Secures the Student Loans Company at Buchanan Wharf, Glasgow
75,000 sq ft Office Set to Complete Award-winning Clydeside Development
Student Loans Company at Buchanan Wharf Glasgow
Drum Property Group, developers of Buchanan Wharf in Glasgow, has agreed a 20-year lease with the Student Loans Company (SLC) for a 75,000 square foot headquarter office housing up to 1100 staff at the Clydeside development.
SLC will also work with the Government Property Agency to facilitate the co-location of up to 600 civil servants as part of the UK Government Hubs Programme. The UK Government’s presence in Glasgow is also expected to significantly increase with hundreds of Civil Service jobs relocating to the city over the next few years as part of the Places for Growth initiative.
SLC’s new HQ office represents the final building at the award-winning Buchanan Wharf site in Glasgow city centre – also home to the Barclays state-of-the-art Northern Europe Campus and an 18-storey residential complex for Legal & General – marking an important step in the regeneration of one of Scotland’s biggest ever development projects. With the construction of Barclay’s campus HQ completing later this year, and the 324-apartment complex completing in 2022, when complete the site will encompass more than a million square feet of prime Grade A office space, residential accommodation, local amenities and landscaped public spaces.
Welcoming the deal with the Student Loan Company, Graeme Bone, Group Managing Director of Drum Property Group, said: “This deal represents the final piece of the Buchanan Wharf jigsaw, and we are delighted to have secured a tenant of the stature of the Student Loans Company in such a challenging market. The new office complex will complete one of Scotland’s largest and most important commercial and residential development projects. With prime office space plus an exciting mix of homes, local amenities and open public spaces, Buchanan Wharf will be a stimulating and attractive environment in which to work, live and to visit. It has transformed this neglected part of the waterfront, once again placing the River Clyde at the heart of the city’s economic and cultural regeneration.”
The Student Loans Company is widely recognised as enabling people across the UK to invest in their futures through further and higher education student finance as well as servicing the loan accounts of over 8.5 million customers and managing the UK’s student loan book of £177 billion. The company aims to be a modern, responsible, and sustainable organisation through its multi-year transformation programme that will deliver an outstanding customer experience using new technologies and ways of working.
Paula Sussex, Chief Executive of the Student Loans Company, added: “This is a fantastic and timely opportunity for SLC as we continue to transform the company to become a modern, responsive and sustainable organisation. This purpose-built office at Buchanan Wharf allows the Student Loans Company to shape a new office experience that optimises opportunities for collaboration and supports future ways of working, enabling us to deliver an outstanding experience to all our customers across the UK”.
About the Student Loans Company
• Administers student finance on behalf of the UK Government and the Devolved Administrations of Wales, Scotland and Northern Ireland
• Has 8.5 million customers and manages a loan book in excess of £177.9 billion
• Processes almost 2 million applications for student finance every year
• Paid out £10.5 billion in loans and grants to new and existing students, as well as £11 billion in tuition fees to higher and further education providers in the last year
• Employs over 3000 staff across four sites in Glasgow, Darlington and Llandudno Junction
About Drum Property Group
Drum Property Group Ltd is an award-winning property development and investment business with a strong track record of growth throughout Glasgow, Scotland and the UK. www.drumpropertygroup.com
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