International Financial Services District
Sgìre Seirbheisean Ionmhais Eadar-nàiseanta (Scottish Gaelic)
Current logo of the IFSD
Part of the IFSD as viewed from West Street, 2011
General information
StatusCompleted
TypeMultiple buildings containing office space
LocationBroomielaw
Town or cityGlasgow
CountryScotland
Coordinates55°51′24″N 4°15′45″W / 55.85677°N 4.26241°W / 55.85677; -4.26241
Current tenantsDirect Line Group Chubb, Atkins Credit Suisse, Direct Line, Barclays, BNP Paribas, JPMorgan Chase, NFU Mutual, Morgan Stanley, JPMorgan Chase, SWIP, esure, Scottish and Southern Energy, Scottish Courts and Tribunals Service, Department for Work & Pensions, Aon
Groundbreaking2000–2001
Construction started2001
Completed2003
Opened2003
Renovated2018–present, new buildings under construction
Cost£1 billion
ClientScottish Enterprise
OwnerScottish Enterprise, Glasgow City Council
ManagementScottish Government, Scottish Development International, Skills Development Scotland, Glasgow Chamber of Commerce, Glasgow Economic Leadership, BT and numerous, financial institutions, property developers and investors
Grounds3 million sq ft (across multiple buildings)[1]
Website
www.ifsdglasgow.co.uk

The International Financial Services District (IFSD) (Scottish Gaelic: Sgìre Seirbheisean Ionmhais Eadar-nàiseanta) is a public-private financial district in Glasgow, Scotland. Based at Scottish Enterprise, the venture aims to create an attractive inward investment location for leading international financial services companies and a re-location option for existing Glasgow-based companies, seeking to expand their operations.

The district is over 3 million sq ft of office space which has been developed at the district since the start of the project in 2001.[2] Nicknamed "Wall Street on the Clyde", it ranked in the top 40 of international financial districts, ahead of cities including Brussels, Madrid, Helsinki, Milan and Dublin.[3] Today, it is a major hub in Glasgow for international business, as well as a major contributor to the Economy of Scotland. Notable tenants include Morgan Stanley, JPMorgan Chase and Barclays.[4]

History

Prior to the launch of the IFSD in 2001, the long-term decline of the old Port of Glasgow and its associated wharves and warehousing had resulted in a neglected infrastructure in Glasgow's city centre area fronting the River Clyde, otherwise known as the Broomielaw. The result was a small number of isolated modern offices, standing adjacent to derelict land and vacant dilapidated buildings, loosely connected to Glasgow's traditional core business district centred on Blythswood Square at the western end of the city centre.[5]

Planning led by Scottish Enterprise and Glasgow City Council aimed to create a new, dynamic focus for the area's regeneration, through the establishment of the IFSD. Regarded as an important development of Glasgow's financial services sector by creating space for 28,000 employees, this measure was recognised as vital to the city's economic fortunes. In order to develop a fully serviced financial services district and its long term potential, significant investment was granted in order to create the "right environment".[6]

Definition

No official boundary of the IFSD exists; originally it referred to the approximately 1 square kilometre area of the city centre bounded by the M8 motorway to the west, the River Clyde the south, Hope Street to the east, and Sauchiehall Street to the north - taking in most of Blythswood Hill, the south eastern fringe of Anderston and part of Charing Cross. This has given rise to the area's nicknames in the popular press: the Square Kilometre (in reference to the "square mile" of the City of London), and more the popular and widely used Wall Street On Clyde.[7]

However, the district has effectively extended onto the south bank of the Clyde following the construction of the Buchanan Wharf complex in Tradeston.

Economic Impact

Since its beginnings in 2001, the International Financial Services District has grown to become a major contributor to the Economy of Scotland, and by 2023, additional buildings, such as 1 Atlantic Square and Buchanan Wharf have been completed. Major international companies with either headquarters or offices within the International Financial Services District include Aon, Arthur J Gallagher, Ashurst and New Galexy, AXA Business Inusrance, Bank of Scotland, Lloyds Banking Group, Barclay's Bank, BNP Paribas, Morgan Stanley, JP Morgan, British Telecom, Clydesdale Bank, Eaton Corporation, First Data Corporation, HML, HSBC, Hymans Robertson, NFU Mutual, the Royal Bank of Scotland, Santander, the Student Loans Company and Tesco Bank.[8]

Buildings & Notable Residents

Completed and operational

Offices of Morgan Stanley at the corner of Douglas Street, part of the IFSD
Development at The Cuprum, typical of recent developments in the IFSD
SiteTenant(s)
14-18 Cadogan StreetDirect Line Group
200 BroomielawVacant
6 Atlantic QuayCredit Suisse
Direct Line
Aurora BuildingBarclays
BNP Paribas
Alhambra HouseJPMorgan Chase
Centenary HouseNFU Mutual
122 Waterloo StreetMorgan Stanley
45 Waterloo StreetJPMorgan Chase
CornerstoneScottish Widows Investment Partnership
Equinoxesure
One Waterloo StreetSSE
3 Atlantic QuayScottish Courts and Tribunals Service
1 Atlantic QuayDepartment for Work & Pensions
Sentinel BuildingAon
Sixty7 unoccupied
Buchanan Wharf Barclay's Bank
Student Loans Company
1 Atlantic Square HM Revenue and Customs
2 Atlantic Square Atkins
BDO Global
Burness Paull
Siemens
177 Bothwell Street Clydesdale Bank
Virgin Money[9]

Under construction

NameAreaCompletion DateStatus
33 Cadogan Street300,000 sq ft[10]2025Under Construction

Transport

Railway

The IFSD is connected by five railway stations, with routes that reach regionally and nationally.

Subway Rail

The IFSD is connected with two Glasgow Subway stations. The Glasgow Subway the world's third oldest underground metro railway in the world. The two stations that cover the IFSD are:

Road

The IFSD has links to the nearby M8 Motorway, which runs through Central Glasgow. The motorway connects the city with Edinburgh, Livingston, Glasgow Airport, Paisley, Erskine Bridge and Greenock.

Pedestrian

The Tradeston Bridge, completed in 2009, allows access by foot or bicycle over the Clyde between the IFSD and the Tradeston district, a feature which was previously lacking from the area requiring pedestrians to make an 800 metres (875 yd) detour via the George V Bridge to reach the same point.

References

  1. "Business Relocation – Facts about Glasgow's Financial District - IFSD".
  2. "Business Relocation – Facts about Glasgow's Financial District - IFSD".
  3. "Wall Street on the Clyde' in world Top 40". Glasgow Times. Retrieved 27 November 2023.
  4. "Business Relocation – Facts about Glasgow's Financial District - IFSD".
  5. "International Financial Services District". Glasgow City Council. Retrieved 27 November 2023.
  6. "International Financial Services District". Glasgow City Council. Retrieved 27 November 2023.
  7. "Wall Street on the Clyde' in world Top 40". Glasgow Times. Retrieved 27 November 2023.
  8. "International Financial Services District". Glasgow City Council. Retrieved 27 November 2023.
  9. "See the new Clydesdale Bank base in Glasgow... complete with rooftop running track". Insider. Retrieved 27 November 2023.
  10. "McLaughlin & Harvey wins £200m Glasgow office block". Construction News. Retrieved 27 November 2023.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.