We have advised Drum Property Group on all construction aspects of this large value and highly complex mixed-use city centre development. When completed, it will provide approximately 1 million sq. ft. of prime Grade A office space, build to rent accommodation, amenities and landscaped public spaces on the banks of the River Clyde in Glasgow.
The project will comprise a minimum of eight phases (four office buildings, one build to rent development, a roads and site wide common infrastructure phase and two public realm contracts, as well as demolition and enabling works). The various phases are interdependent, which has given rise to a number of complications which had to be resolved through the structuring of the inter-related contracts.
Each of the phases have been subject to development funding agreements with differing parties. We have advised on the appropriate structuring of the building contracts and consultant appointments, and the interface with our real estate colleagues on the construction specific issues they give rise to.
We have drafted, negotiated and put in place the building contracts and consultant appointments and dealt with the co-ordination of completion deliverables under the numerous development funding agreements, as well as the carry down to the construction contracts of relevant development related obligations under the development funding agreements.
We have also supported the client and wider project team during the construction phase and continue to give ad hoc advice, for example in relation to off-site materials agreements and early access.
Barclays will house its technology, functions and operations teams at the new state-of-the-art Northern Europe campus HQ at Buchanan Wharf. The build to rent accommodation has been forward funded by Legal & General and will comprise of two 18 storey towers, with 324 apartments.
- Our proven track record of advising our client on major projects makes us the adviser of choice for Drum Property Group. Our close relationship with a company of this size and stature, winner of the coveted Property Company of the Year award at the Scottish Property Awards four times in the last six years, highlights our dominance in the market.
- Our expertise across a range of specialisms (including real estate, construction, litigation, banking and tax) has been critical to supporting this high profile and complex development and delivering the best outcomes for the project.
- The build to rent market is still emerging in Scotland and the agreed deal between Drum and Legal & General in 2019 was for the first institutionally forward-funded build to rent scheme to be delivered in Scotland.
We have been fortunate to have been selected by Drum to work with them on this project which has tested and stretched the skills and thinking of all those involved in it. Alistair McLean
Buchanan Wharf is one of the most important urban regeneration projects in the UK and is one of Scotland’s largest ever construction projects.
The scale, significance and complexity of the project, the interdependency of the various phases and number of counterparties involved makes this a noteworthy case study.