The building which housed the landmark former Watt Brothers department store in Glasgow has been purchased by Sandy and James Easdale, who have flagged an opportunity for a hotel or residential development, in a rejuvenation plan expected to cost more than £20 million.

The historic building, on the corner of Bath Street and Sauchiehall Street, has been vacant since Watt Brothers fell into administration last year.

Stretching to more than 80,000 sq/ft, the McGill’s Buses tycoons reached a deal to save the art deco building with Watt Brothers’ administrators, KPMG.

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Sandy Easdale said: “This is a landmark building loved by generations of Glaswegians. It was sad to see the store close last year but when the opportunity arose to purchase the building and redevelop it for the future then we knew we had to take it.

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“We believe the building has great potential for hotel and residential use and we’re already engaged with expert consultants to see what can be achieved. It has a proud past and we are certain it will have an even brighter future. This project will play an important part in reinvigorating this part of Sauchiehall Street and contributes to almost £400million of property and construction developments we currently have underway as a family.”