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International Financial Services District

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Coordinates: 55°51′24″N 4°15′45″W / 55.85677°N 4.26241°W / 55.85677; -4.26241
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International Financial Services District
Sgìre Seirbheisean Ionmhais Eadar-nàiseanta (Scottish Gaelic)
Current logo of the IFSD
Part of the IFSD, with the Tradeston Bridge in the foreground, May 2016
Map
General information
StatusCompleted
TypeFinancial, Government agency, National government, insurance, corporation headquarters
LocationBroomielaw, Glasgow, Scotland
Coordinates55°51′24″N 4°15′45″W / 55.85677°N 4.26241°W / 55.85677; -4.26241
Current tenantsSee Buildings & Notable Residents
Construction started2001
Opened2003
Cost£1 billion
OwnerScottish Enterprise, Glasgow City Council
ManagementScottish Government, Scottish Development International, Skills Development Scotland, Glasgow Chamber of Commerce
Grounds3 million sq ft (across multiple buildings)[1]
Website
International Financial Services District

The International Financial Services District (IFSD) (Scottish Gaelic: Sgìre Seirbheisean Ionmhais Eadar-nàiseanta) is a financial district in the city of Glasgow, the largest city in Scotland. 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.[2]

The district 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. 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.[3]

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.[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[edit]

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]

When first opened in 2001, the International Financial Services District covered roughly one square kilometre between St Vincent Street and the River Clyde in Glasgow. It is credited as becoming "the catalyst for rengerating the Broomielaw and the west city centre area". Following a period of substantial and successful growth since opening, the International Financial Services District has expanded to the north, east and west in order to meet demand for office space within the district. Its growth has saw the city centre of Glasgow as well as the district itself become the "brand for Glasgow's financial services community".[8]

A further expansion in excess of 3 million sq ft of development has been developed at the International Financial Services District site since it initially opened in 2001.[9]

Financial and economic role[edit]

Acknowledge by the Experian annual retail vitality index, Glasgow is the Best UK retail centre outside of London. The district has an "assisted area" status, whereby it is eligible for the Regional Selective Assistance grant in order to enhance investment in capital or in job creation. The International Financial Services District is a major employment location for some of the cities 30,000 employees within the financial sector.[10]

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.[11]

Definition[edit]

BT building at the IFSD

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.[12]

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.

Transport[edit]

The IFSD (right) with the Tradeston Bridge crossing the River Clyde

Railway[edit]

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

Subway Rail[edit]

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[edit]

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[edit]

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.

Buildings & Notable Residents[edit]

Offices of Morgan Stanley at the corner of Douglas Street, part of the IFSD
Scottish Government offices at 5 Atlantic Quay

Notable tenants of the International Financial Services District are 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.[13] Locations within the district and companies occupying premises are indicated below:

Completed and operational[edit]

Site Tenant(s)
14-18 Cadogan Street Direct Line Group
200 Broomielaw Vacant
1 Atlantic Quay Department for Work and Pensions
2 Atlantic Quay Lloyds Banking Group[14]
3 Atlantic Quay Scottish Courts and Tribunals Service
4 Atlantic Quay BDO Stoy Hayward LLP
Balfour Beatty[15]
5 Atlantic Quay Scottish Government[16]
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 Scottish Widows Investment Partnership
Equinox esure
One Waterloo Street SSE
Sentinel Building Aon
Sixty7 Vacant
Buchanan Wharf Barclay's Bank
Student Loans Company
1 Atlantic Square HM Revenue and Customs
2 Atlantic Square Atkins
BDO Global
Burness Paull
Siemens
177 Bothwell Street Clydesdale Bank
Virgin Money[17]

Under construction[edit]

Name Area Completion Date Status
33 Cadogan Street 300,000 sq ft[18] 2025 Under Construction

Notes[edit]

References[edit]

  1. ^ "Business Relocation – Facts about Glasgow's Financial District - IFSD".
  2. ^ "Wall Street on the Clyde' in world Top 40". Glasgow Times. Retrieved 27 November 2023.
  3. ^ "Business Relocation – Facts about Glasgow's Financial District - IFSD".
  4. ^ "Business Relocation – Facts about Glasgow's Financial District - IFSD".
  5. ^ https://www.investglasgow.com/
  6. ^ "International Financial Services District". Glasgow City Council. Retrieved 27 November 2023.
  7. ^ "International Financial Services District". Glasgow City Council. Retrieved 27 November 2023.
  8. ^ Digital, Innovation. "Business Relocation – Facts about Glasgow's Financial District - IFSD". www.ifsdglasgow.co.uk. Retrieved 10 July 2024.
  9. ^ Digital, Innovation. "Business Relocation – Facts about Glasgow's Financial District - IFSD". www.ifsdglasgow.co.uk. Retrieved 10 July 2024.
  10. ^ Digital, Innovation. "Business Relocation – Facts about Glasgow's Financial District - IFSD". www.ifsdglasgow.co.uk. Retrieved 10 July 2024.
  11. ^ "International Financial Services District". Glasgow City Council. Retrieved 27 November 2023.
  12. ^ "Wall Street on the Clyde' in world Top 40". Glasgow Times. Retrieved 27 November 2023.
  13. ^ Digital, Innovation. "Business Relocation – Facts about Glasgow's Financial District - IFSD". www.ifsdglasgow.co.uk. Retrieved 10 July 2024.
  14. ^ "Telephony". Lloyds Banking Group. Retrieved 10 July 2024.
  15. ^ Digital, Innovation. "4 Atlantic Quay, IFSD: city centre office accommodation – commercial property in Glasgow". www.clydewaterfront.com. Retrieved 10 July 2024.
  16. ^ "Main buildings". www.gov.scot. Retrieved 10 July 2024.
  17. ^ "See the new Clydesdale Bank base in Glasgow... complete with rooftop running track". Insider. Retrieved 27 November 2023.
  18. ^ "McLaughlin & Harvey wins £200m Glasgow office block". Construction News. Retrieved 27 November 2023.

External links[edit]

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