The deal to purchase around 470,000 sq ft of prime Grade A office space will create space for around 2,500 additional jobs, almost doubling Barclays current workforce in Scotland and making the bank one of Glasgow’s biggest commercial employers. Barclays also has an option to extend their campus by an additional 210,000 sq ft, in a second phase of development at the site.

Drum is currently working with Barclays to finalise designs for the new purpose-built campus which will be at the heart of the wider mixed-use Buchanan Wharf site, Glasgow’s most significant waterside city centre development.

The Barclays deal at Buchanan Wharf heralds one of Scotland’s biggest ever construction projects. When complete, the Clydeside site will provide more than a million square feet of prime Grade A office space, residential accommodation and a mix of local amenities and landscaped public spaces.

Welcoming the Barclay’s deal, Graeme Bone, Drum’s managing director, said: “Buchanan Wharf will set a new benchmark for large-scale development in Scotland – and we are delighted to have secured Barclays new campus at its heart.”

He added: “The Barclays deal is a significant statement of intent, heralding an exciting future for the rest of the development. With prime office space plus an exciting mix of homes, local amenities and open public spaces, Buchanan Wharf will be a stimulating and attractive environment in which to work, live and to visit. It will transform 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.”

Paul Compton, chief operating officer at Barclays, said: “The Glasgow campus at Buchanan Wharf will be 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, attracting and retaining the very best talent. It will be somewhere that our colleagues are incredibly proud to work.”

The Barclays deal was endorsed by First Minister Nicola Sturgeon at a launch event today.

She 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.”

Detailed planning applications will be submitted shortly, with construction expected to begin by the end of the year, pending the appropriate planning consents.