Glasgow is set to be home to new office and retail space thanks to a £50 million funding package provided by Scottish Partnership for Regeneration in Urban Centres (SPRUCE) Fund.

BAM Construct will take on the project to transform the former bank situated on Queen Street into 143,000 sq ft of Grade A offices along with 20,000 sq ft of retail space that will be put up for sale. The move is designed to present many more business opportunities for companies looking to invest in Scotland's second city and could provide employment for 1,200 workers. It will also help to support 30 jobs and apprenticeships within the construction sector representing a significant boost to the industry.

The work will begin in January 2013 and will come to fruition through a £9.6 million loan provided by the SPRUCE Fund which has been created in partnership with the Scottish Government and European Regional Development Fund money. The move is designed to allow Glasgow to compete with other major cities across the UK in terms of attracting the best and biggest companies to have offices in the heart of one of the most bustling cities in Scotland. Officials have earmarked a completion date of 2015 when the facility will be open.

John Burke, executive director, BAM Construct UK, said: "This is terrific news for Glasgow and the wider construction sector, and is testament to the confidence investors have that BAM can deliver the largest office development to be built outside of London in a number of years."

The construction sector is set to benefit from a host of new projects after chancellor George Osborne announced in the Autumn Statement a shift in Whitehall spending. He explained that a number of departments will be asked to slash their outgoings to make significant savings which will then be reinvested into the education sector as well as the creation of various capital projects. This will include the construction of a wealth of new free schools to boost the current offering provided in the UK.

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