International Financial Services District
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.
| International Financial Services District | |
|---|---|
 | |
 Part of the IFSD as viewed from West Street, 2011 | |
| General information | |
| Status | Completed |
| Type | Multiple buildings containing office space |
| Location | Broomielaw |
| Town or city | Glasgow |
| Country | Scotland |
| Coordinates | 55.85677°N 4.26241°W |
| Current tenants | Direct 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 |
| Groundbreaking | 2000–2001 |
| Construction started | 2001 |
| Completed | 2003 |
| Opened | 2003 |
| Renovated | 2018–present, new buildings under construction |
| Cost | £1 billion |
| Client | Scottish Enterprise |
| Owner | Scottish Enterprise, Glasgow City Council |
| Management | Scottish Government, Scottish Development International, Skills Development Scotland, Glasgow Chamber of Commerce, Glasgow Economic Leadership, BT and numerous, financial institutions, property developers and investors |
| Grounds | 3 million sq ft (across multiple buildings)[1] |
| Website | |
| www | |
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] Major tenants of the International Financial Services District include Morgan Stanley, JPMorgan Chase and Barclays.[3]
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
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.
Buildings & Notable Residents
| Site | Tenant(s) |
|---|---|
| 14-18 Cadogan Street | Direct Line Group |
| 200 Broomielaw | Vacant |
| 6 Atlantic Quay | Credit Suisse, Direct Line |
| Aurora Building | Barclays, BNP Paribas |
| Alhambra House | JPMorgan Chase |
| Centenary House | NFU Mutual |
| 122 Waterloo Street | Morgan Stanley |
| 45 Waterloo Street | JPMorgan Chase |
| Cornerstone | SWIP |
| Equinox | esure |
| One Waterloo Street | SSE |
| 3 Atlantic Quay | Scottish Courts and Tribunals Service |
| 1 Atlantic Quay | Department for Work & Pensions |
| Sentinel Building | Aon |
| Sixty7 | unoccupied |
Buildings Under Construction
| Name | Area | Completion Date | Status |
|---|---|---|---|
| Clydesdale Bank Headquarters | 313,116 sq ft | 2020 | Under Construction |
| Barclays Glasgow Campus | 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 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
- Glasgow IFSD (2010) Glasgow International Financial Services District, Leaflet.
- Glasgow IFSD (2010) Glasgow International Financial Service District, Website, Available from: https://archive.today/20130505014554/http://www.ifsdglasgow.co.uk/Completed_Property.aspx.
