By Ian McConnell

A LANDMARK listed property in Glasgow city centre built at the height of the Victorian era has been put on the market with a price tag of more than £3 million, with potential for a hotel cited as one possible redevelopment opportunity.

The property, at 2-10 Bothwell Street, was built in 1849. It was redeveloped for occupation by Abbey National, which was acquired by Spanish bank Santander, and is currently a multi-let office space. The building is owned by Mapeley, which is one of the largest commercial landlords in the UK.

Real estate consultancy JLL, which is marketing the building, said: “Because of its prime location and versatile building plan, the building provides the opportunity to be redeveloped for a variety of alternative uses including offices, hotel, leisure and retail uses, subject to local planning consent.”

Asked about the reason for putting the building on the market at this point, a JLL spokesman said it was a “strategic investment decision to sell” by the owner.

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JLL noted the building had “several-well established occupiers”. It named Oxfam, Certum, The Volunteer Centre, and Victim Support Scotland as occupiers. The building extends to 28,136 sq ft over the basement, ground floor and upper floors, and has six external car-parking spaces.

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Mike Buchan, lead director in Glasgow for JLL, said: “This is an exceptional property, with a strong tenant base, which has been a permanent fixture in the heart of Glasgow’s business district for over 170 years. It is a unique opportunity to purchase such a high-profile building and we expect interest to be shown from a range of [prospective] buyers who see the potential in the site.”

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He added that the building’s central location made it an “attractive office investment”, while noting opportunities for “redevelopment for a variety of uses”.

JLL noted the building’s proximity to Glasgow’s prime retail district and core corporate office area.