SPRUCE: supported projects

16 projects have been supported with more than £112m of investment agreed:

Dundyvan, Coatbridge

£1.8m was used to create business units to support the development of commercial workspace for Small and Medium Sized Enterprises (SMEs). The investment has a potential to support up to 100 jobs and provide space for up to 16 SMEs. (loan repaid)

Queen Street, Glasgow

£9.6m was used to create a substantial Grade A office development in the city centre. It will accommodate up to 1,500 workers and during construction will help to support 250 jobs in the sector and 30 apprenticeships. (loan repaid)

St Vincent Plaza, Glasgow

A new Grade A office development in the city centre received £9.6m investment. It will support approximately 400 jobs in the construction sector and accommodate up to 2,600 workers on completion.( loan repaid)

Haymarket, Edinburgh

This project received £9.6m SPRUCE contribution to remediate a four-acre site and undertake works within the ground to prepare it for further investment. Total anticipated project cost for Phase 1 is £29.5m. The overall £200m project will provide five mixed-use development buildings (offices, retail, leisure and a hotel), with the total space of 650,000ft2. The groundwork will support up to 300 jobs and through community benefit clauses provide eight employment opportunities, 26 training places and six apprenticeships.( loan repaid)

Guardbridge, Fife

£11m to deliver a project which will regenerate 36 acres of a former paper mill, to create a Low Carbon Innovation Centre, linked to St Andrews University buildings. The overall project is estimated to cost £25m. The University has secured a £10m grant from the Scottish Funding Council’s (SFC) Carbon Reduction Programme. The project is forecast to deliver both considerable carbon and regeneration outcomes through the ‘Guardbridge Guarantee’.

North Lanarkshire – Western Campus, Strathclyde Business Park

£2.1m to provide  development of a 44,000ft2 industrial business park with 97 car parking spaces being developed as a joint venture between Fusion Assets and CBC, who worked together successfully to deliver the Dundyvan scheme.

District Heating Scheme at Broomhill, Glasgow

£5m to deliver a project which will comprise the construction of two new energy centres, providing heating and hot water for 702 connected homes. The project is projected to deliver significant CO2 savings over its life. (loan repaid)

Clyde Gateway

£1m to Clyde Gateway Developments Limited to fund the creation of a 27,000 sq ft manufacturing and engineering unit at the Clyde Gateway East industrial site in the east end of Glasgow.

CSG Blenheim House, Edinburgh

SPRUCE provided a c£9m senior debt facility to acquire, expand and refurbish a c37,000 sq ft Grade A office east central Edinburgh. (loan repaid)

Dalmore House, Glasgow

In 2017 SPRUCE provided a c£8m senior debt facility to Tarn Crag Limited, a subsidiary of commercial property market investor Praxis (Holdings) Limited, to refurbish Dalmore House, a vacant office building in central Glasgow.

Fore Partnership

In March 2018 SPRUCE £7.5m in respect of the demolition of existing buildings and development of 93,300 sq. ft. of Grade A office accommodation at Cadogan Street, Glasgow.

Cerium House, Glasgow

A SPRUCE facility of £12.5m was provided to support the refurbishment and extension of Cerium House  with work undertake on a speculative basis to provide 85,315 sqft of office space. This investment was support using funds provided by the Building Scotland Fund.

Chancery Gate, West Lothian

SPRUCE provided a £2.2m loan for the development of new industrial and trade counter accommodation at a site at the Houston Industrial Estate in Livingston, West Lothian. This investment was support using funds provided by the Building Scotland Fund.

Argyle St, Glasgow

The SPRUCE funds will provide £6m be used for demolition and enabling works required to unlock the Glasgow City Centre development site with planning consent for a proposed 275,000 sq. ft. development. The scale of the overall development project is significant with costs estimated at £109m.

Mclellan Galleries, Glasgow

Spruce had provided a £5.25m loan to fund the refurbishment of McLellan Works (formerly Breckenridge House), Sauchiehall Street, Glasgow. The project is using funds provided by the Building Scotland Fund.

NW1A Limited, Edinburgh

Spruce funds will provide a £14.5m loan to support the creation of c80,000 sq ft new Grade A office space at Edinburgh Park, Edinburgh. Total development costs are estimated at £25m. SPRUCE will utilise £5.25m of funding provided through the Building Scotland Fund with the remainder coming from its existing capital resources.

More information: Capital investment for regeneration