Bruntwood SciTech today has acquired Glasgow’s Met Tower from Osborne & Co for £16.2m to convert it into a new Glasgow hub for tech and digital businesses.
The 14-story, Grade B listed former City of Glasgow College building has remained unoccupied since 2014 and will undergo a £30m transformation programme.
When complete, the building will act as a hub for university spinouts such as SOLASTA Bio, along with startups and big tech businesses.
“Glasgow’s science and tech sector is rapidly growing, having seen some of the highest growth in the whole of the UK in the past two years, and now makes up 28% of all jobs in the city,” said Kate Lawlor, chief executive, Bruntwood SciTech.
According to Tech Nation, Glasgow is one of the UK’s fastest-growing technology investment hubs. Tech firms in the Scottish cities attracted £43m in VC investment during 2020 – up 156% from 2019.
Lawlor added: “As a result it has retained its position in the top three leading tech cities in the UK outside of London. This is our first in hopefully several brilliant projects in the country.”
Bruntwood SciTech is a partnership between property investor and developer Bruntwood and financial services firm Legal & General.
The Scottish hub will join Bruntwood’s SciTech innovation district network across seven locations in Birmingham, Cambridge, Cheshire, Manchester, Leeds, Liverpool and Oxford.
Recently, Glasgow-based 4×4 EV manufacturer Munro vehicles said that it will produce its Mark 1 vehicle in the city.
Plans for the building include making the tower net zero. Work is expected to start later in the year, subject to planning, with a predicted 2024 completion.
According to Bruntwood SciTech, the move will generate over 40,000 jobs over the next 10 years.
Bruntwood SciTech’s portfolio is worth over £600m and comprises over 2.4m square feet.
Earlier this year, the UK tech industry reached a $1tn (£764bn) valuation, a milestone that has previously only been reached by the US and China.