The case for a landmark development that not only reinstates, but builds upon the illustrious heritage of the original Mackintosh Building is overwhelming.
Through extensive consultation and robust economic analysis, this preliminary strategic business case demonstrates that the best value option is to undertake a faithful reinstatement, within the practical constraints of the current regulatory environment while innovating to ensure that technology and sustainability are at the building’s heart. The preferred solution addresses the key success factors in each of the five areas of the business case and will benefit the nation, students, the community, academia and the economy by:
- Delivering the GSA’s academic objectives.
- Enhancing the student and staff experience and consolidating the world-class reputation of a national institution.
- Protecting the nation’s heritage.
- Creating a landmark sustainable building that catalyses local regeneration of Garnethill and Sauchiehall Street.
- Building community wealth, for example, by developing new apprenticeships in traditional and heritage crafts.
- Growing the GSA’s special contribution to the cultural, creative and economic fortunes of Glasgow.
- Deepening and extending the GSA’s relationships with industry and academia.
The next stage of the Mackintosh Project is to move to RIBA Stage 1 and appoint a design team to generate a Strategic Brief. At the same time, further economic and financial evaluation of the variants will need to be undertaken to assess value for money.
The GSA believe that the project is fundable and affordable – a variety of funding sources will be secured to deliver the capital project and support operation of the new building.
The capital cost will be funded from a blend of the following:
- Proceeds from fire insurance claim – the GSA was insured against fire damage and negotiations with the insurance company are ongoing.
- Donations and pledges – the GSA was successful in raising funds for the post-2014 Mackintosh Campus Project. The GSA believes that there remains significant philanthropic goodwill.
- Possible Capital receipts from disposal of some buildings.
Revenue funding sources will include:
- Commercial income from visitors and the letting of space.
- Additional student revenues.
- Additional income from short term courses.
- Research activities.
- Revenue savings from the release of leased accommodation will also contribute to the net revenue position. They provide opportunities to draw on finance to pay for the construction costs.
Additional sources of income that could potentially be secured and factored into the business case for the project include:
- revenue from residential lettings associated with short courses.
- sponsorship and branding-related opportunities.
- catering allied to ad hoc events.
- on-site café.