Another prominent Glasgow city centre building has been sold in a deal underlining the strong demand for upmarket student accommodation.
International real estate corporation Topland Group has sold 333 Bath Street for £1.2 million to Surrey-based developer Calmont Sugarhouse, which will convert it into student accommodation having successfully obtained planning permission for a change of use.
The six-storey Bath Street office block, which was jointly marketed by Cargill Property and CBRE, is said to boast " an ideal location close to the main shopping thoroughfare and Charing Cross railway station as well as a wealth of bars and restaurants and a multi-story carpark".
Graham Brooker of Calmont Sugarhouse said the flexible nature of the 20,453 sq ft floor space in a modern building had facilitated planning consent. "Thanks to its close proximity to many of Glasgow's higher and further education facilities, I am confident it will be a popular choice."
Topland Group said it was "delighted with the outcome". Work on the conversion is under way with completion scheduled by late summer.
Earlier this month one of the city's newer student blocks was sold for almost £12m. The Ballet School, the former home of Scottish Ballet, was put on the market by local developer CCG and picked up by stock market-listed Empiric Student Property.
The property, which has 103 studio flats with wifi and underfloor heating throughout, has been fully let since it opened in September 2013. Annual prices there start at £8,415 and run to almost £12,500 for a larger room.
Empiric is already developing a 178-bed scheme next door, at the former Willowbank Primary School.
Maven Capital Partners has also been busy, converting Claremont House in the city's west end from office into student accommodation, and acquiring a building next to the King's Theatre in Bath Street has been acquired to convert into 70 student units.
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