Barclays on Monday announced plans to develop a new campus at Buchanan Wharf in Glasgow city centre, creating up to 2,500 jobs, which will provide a state-of-the-art workplace for the bank’s functions, technology and operations teams.
Barclays said the project has been made possible by close collaboration with Scottish Enterprise, with which Barclays has reached an agreement for a funding grant of £12.75 million, and Glasgow City Council, which has been instrumental in turning the initial proposal into a viable scheme.
“The campus will play a pivotal role in the execution of Barclays’ long-term strategic priorities and will be one of a small number of key global sites,” said Barclays.
Barclays said it has agreed to purchase the campus development — on the banks of the River Clyde at Tradeston — from Drum Property Group Ltd and is currently working with Drum to finalise the design of the new facility as part of the wider Buchanan Wharf development.
“It is expected that, once completed, the campus will be able to accommodate up to 2,500 additional roles, doubling Barclays’ current workforce in Scotland and making the bank one of Glasgow’s biggest commercial employers,” said Barclays.
First Minister Nicola Sturgeon said: “This is a project that will be transformational for Glasgow, creating up to 2,500 new jobs in the heart of the city.
“The new campus will strengthen Glasgow’s financial services sector and shows Scotland continues to be a highly attractive location for inward investment.
“I am particularly pleased that as part of this investment, Barclays has committed to employing local people who often face barriers into work, including those with disabilities and young people.”
Paul Compton, chief operating officer at Barclays, said: “The Glasgow campus, alongside others in Whippany, New Jersey, and Pune, India, is part of a global strategy to create world-class facilities for our functions, technology and operations teams.
“This new campus at Buchanan Wharf is a flagship project for the bank, which builds on Barclays’ long history in Scotland and clearly demonstrates our commitment to supporting the UK economy.
“This is a fantastic opportunity to deepen our close ties with local communities and academic institutions to attract and retain the very best talent. It will be somewhere that our colleagues are incredibly proud to work.”
Paul Lewis, managing director of international operations at Scottish Enterprise, said: “This investment has the potential to be transformative for Scotland’s financial services sector and the wider economy, and we’re delighted to have helped secure the project for Scotland and for the people of the West of Scotland.
“This investment establishes Glasgow as a key global site for Barclays, providing a platform for growth whilst also securing existing operations in Scotland.
“It will breathe new life into a part of the city with huge potential and bring significant new jobs, including employment specifically for disadvantaged workers.”
The funding grant provided by Scottish Enterprise states that at least 42% of the new jobs will be high value, and at least 341 will be for disadvantaged workers or those who have a disability.
Councillor David McDonald, deputy leader of Glasgow City Council, said: “This announcement is of historic importance to Glasgow as we welcome the single biggest inward investment to have ever come to Scotland.
“This development on the banks of the Clyde at Tradeston will see a huge amount of Grade A office space, new homes and new jobs coming to the city centre.
“This project – which is truly on an unprecedented scale – is a game-changer for Glasgow, and will transform not only Tradeston and this part of the waterfront, but our wider economy as opportunities become available for the people and business of the city and those wishing to invest here.
“We are delighted with this decision by Barclays, and I am pleased that the efforts of all those who have worked so hard and long to bring this enormous and fantastic project to Glasgow have been rewarded.”
Buchanan Wharf is a major mixed-use scheme currently being developed by Drum Property Group.
Graeme Bone, Drum’s managing director, said: “Buchanan Wharf is setting a new benchmark for large scale development across Scotland, and we are delighted to have secured Barclay’s spectacular new campus at its heart.
“Our development will be one of Scotland’s largest single-site construction projects, bringing together over a million square feet of prime Grade A office space with residential accommodation, and an exciting mix of amenities and landscaped public spaces.
“It will be a stimulating and attractive environment in which to work, live and to visit, transforming not just this neglected part of the waterfront but the entire city centre of Glasgow – once again placing the Clyde at the heart of the city’s economic and cultural regeneration.”