International Financial Services District

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
Status	Completed
Type	Multiple buildings containing office space
Location	Broomielaw
Town or city	Glasgow
Country	Scotland
Coordinates	55°51′24″N 4°15′45″W / 55.85677°N 4.26241°W / 55.85677; -4.26241
Current tenants	Direct Line Group Chubb, Atkins Credit Suisse, Direct Line, Barclays, BNP Paribas, JPMorgan Chase, NFU Mutual, Morgan Stanley, JPMorgan Chase, SWIP, esure, HM Revenue and Customs, Scottish and Southern Energy, Scottish Courts and Tribunals Service, Department for Work and 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.ifsdglasgow.co.uk

The International Financial Services District (IFSD) (Scottish Gaelic: Sgìre Seirbheisean Ionmhais Eadar-nàiseanta) began being marketed and developed in succession to the Broomielaw Project pioneered by the Scottish Development Agency in the late 1980s. A public-private financial district in Glasgow, Scotland; attracting inward investment 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]

The separate marketing of the area has now ended, in 2023, and city promotion is part of InvestGlasgow.^[5] headquartered in Glasgow City Council.

History

The long-term decline of the old harbour area of Glasgow and streets off Broomielaw left largely-vacated premises and former bonded warehouses now loosely connected to Glasgow's traditional core business district centred on Blythswood Hill at the western end of the city centre.^[6]

Planning led by Scottish Enterprise, as successors to the Scottish Development Agency, and Glasgow City Council has helped create space for 28,000 employees, this measure being 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".^[7]

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 Bothwell Street to the north - also parts of Blythswood Hill, and the south eastern fringe of Anderston. 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.^[8]

As originally anticipated, the district extended onto the south bank of the Clyde following the regeneration of Bridge Wharf and 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.^[9]

Buildings & Notable Residents

Completed and operational

Under construction

Transport

Railway

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

• Anderston station
• Charing Cross station
• Glasgow Central station
• Glasgow Queen Street station
• Exhibition Centre station

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:

• Buchanan Street Subway
• St Enoch Subway

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.

External links

• Completed Buildings in Glasgow

This page was last edited on 30 April 2024, at 17:32