Originally constructed in the mid-1960s, Princes House was formerly home to Lloyds Banking Group, and more recently Barclays. Located in a 100% prime office pitch within Glasgow’s Central Business District, it occupies a prominent corner plot on Waterloo and West Campbell Street, just a two-minute walk from Glasgow Central Station.

The development of Magnet is expected to create around 1,200 new jobs in the city and create an end value in the order of £75m.

Neil Haining, director of Mosaic, said: “The location of the site offers the opportunity for Magnet to be a highly visible landmark within the city through the generation of a taller building than that existing on a gateway site to the city centre.

“As Glasgow needs more mixed-use developments in this part of the city, Magnet will offer a new build mixed-use commercial development with ground floor retail use with commercial office space above.”

At ground floor level the street is activated by setting back the facade at an oblique angle to the street forming a natural curved entrance which is protected by the overhanging building above. Upper levels are enhanced with the addition of east and west facing terraces providing unique amenity spaces for the building occupants.

A wide range of staff facilities will be provided to enhance wellbeing and welfare within the building, including staff gym, informal breakout spaces, cycle storage and charging facilities, and staff changing and clothes drying rooms.

Andrew White, development manager for Garroch Investments, added: “Magnet will be redeveloped to provide new best in class Grade A offices, of which there is a shortage in Glasgow.

“It will incorporate high-quality materials throughout that have longevity and will aim to achieve the highest standards of sustainable design and construction, incorporating long term plans for effective management and maintenance.”