International Financial Services District
The International Financial Services District (IFSD) is a ten-year public-private project in Glasgow, Scotland. Based at Scottish Enterprise, the £1 billion 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.
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.
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. This was an important development of Glasgow’s financial services sector, which, with 28,000 employees, was recognised as vital to the city’s economic fortunes. In order to develop a fully serviced financial services district and exploit its long term potential, significant investment was required to create the right environment.
Definition
No official boundary of the IFSD exists; notionally the term refers 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.
Economic Impact
Since the start of the project, over 15,000 jobs have been created in the area, with several of the world's leading financial companies having a presence in the district.
A constant stream of new buildings has appeared in the IFSD since 2001, with more in the pipeline. The Aurora building in the IFSD for example has won several UK wide awards as large scale speculative office building.
Buildings & Notable Residents
| Site | Tenant(s) |
|---|---|
| 14-18 Cadogan Street | Direct Line Group (DLG) |
| 200 Broomielaw | ACE Insurance, Atkins |
| 6 Atlantic Quay | Credit Suisse, Direct Line |
| Aurora Building | Barclays, BNP Paribas |
| Alhambra House | JP Morgan |
| Centenary House | NFU Mutual |
| 122 Waterloo Street | Morgan Stanley |
| 45 Waterloo Street | JPMorgan Chase |
| Cornerstone | SWIP |
| Equinox | esure |
| One Waterloo Street | Scottish and Southern Energy |
| 3 Atlantic Quay | Scottish Courts and Tribunals Service |
| 1 Atlantic Quay | Department of Work and Pensions |
| Sentinel Building | Aon |
| Sixty7 | unoccupied |
Buildings Under Construction
| Name | Area | Completion Date | Status |
|---|---|---|---|
| Clydesdale Bank Headquarters | 313,116 sq ft | 2020 | Under Construction |
| Buchanan Wharf - Barclays | 470,000 sq ft | 2020 | Under Construction |
| Atlantic Square - HMRC | 300,000 sq ft | 2020 | Under Construction |
| The Grid | 277,500 sq ft | 2021 | Under Construction |
Transport
Railway
The IFSD is connected by five railway stations, with routes that reach regionally and nationally.
Subway Rail
The IFSD is well 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, Glasgow Airport, Paisley, Erskine Bridge and Greenock.
Pedestrian
The Tradeston Bridge, completed in 2009, allows quick 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
- Glasgow IFSD (2010) Glasgow International Financial Services District, Leaflet.
- Glasgow IFSD (2010) Glasgow International Financial Service District, Website, Available from: https://archive.is/20130505014554/http://www.ifsdglasgow.co.uk/Completed_Property.aspx.
