HFD Property Group refinances flagship Bothwell Street with HSBC UK
Commercial property and investment firm HFD Property Group has agreed terms with HSBC UK to refinance its flagship 177 Bothwell Street development in Glasgow.
The ‘Green Loan’ facility, providing funding in excess of £100 million, requires 177 Bothwell Street to continue to meet a range of sustainability metrics. The development has committed to achieving an Energy Performance Certificate (EPC) A score of less than eight – 45% more energy efficient than a standard A-rated building – and BREEAM ‘Excellent’ standard through a range of measures.
Smart technology will be used throughout 177 Bothwell Street to reduce energy consumption and improve environmental performance, while the building’s energy will be supplied by Blantyre Muir Wind Farm in South Lanarkshire, ensuring it is not just 100% renewable but also from an identified and local source.
177 Bothwell Street will also feature a rooftop terrace and running track, 318 cycle spaces, electric vehicle charging points, and touchless technology throughout the building. An independent economic impact assessment concluded that the 313,000 sq. ft. development will generate £2.8 billion of gross value added (GVA) to the Scottish economy over 25 years.
The development is the first Scottish property to commit to attaining the new SmartScore accreditation for smart buildings and has already achieved a ‘Platinum’ WiredScore certification, a standard recognising that future occupiers will have the best connectivity available.
177 Bothwell Street’s occupiers include Virgin Money, BNP Paribas, AECOM, CBRE, and Transport Scotland, while HFD’s flexible serviced offices business, HFD Offices, will operate from dedicated space within the building.
Stephen Lewis, managing director of HFD Property Group, said: “177 Bothwell Street is an exceptional asset and, with our initial development funding package set to expire, we took the opportunity to find partners who could fund the development’s next stage.
“Given the property’s quality and sustainability credentials, interest was strong among the potential funders we spoke to. After going through a competitive process, HSBC UK provided the most compelling terms, which include the correct balance between long-term funding and flexibility, all at a commercially attractive rate.
“We look forward to taking 177 Bothwell Street to the next stage of its development with HSBC UK, with the building almost fully let.”