The existing building on a landmark site in Glasgow which has been sold to build-to-rent developer Watkin Jones will be demolished as part of the buyer's plans to construct around 750 residential units.
Watkin Jones has completed the purchase of Portcullis House in Glasgow from Mapeley Investment Group.
Several potential uses, including a hotel, had been cited as possible development opportunities when it was announced in the spring that the site had been put up for sale.
Watkin Jones’ build-to-rent plans include a “co-working hub and communal amenity spaces offering spectacular [views] across the city”.
Portcullis House at 21 India Street occupies a “substantial heritable island site of 0.826 acres”, selling agent CBRE has noted. The selling agent noted in the spring that the property “benefits from a short-term lease” until April 1, 2021 from the Secretary of State for Housing, Communities and Local Government at a rent of £500,000 per annum exclusive of value-added tax.
A CBRE spokeswoman said yesterday that the buyer’s plans included demolition of the existing building.
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