A MAJOR Grade A office development is being proposed for a site in Glasgow’s business district.

Garroch Investments has acquired Princes House on the corner of Waterloo Street at West Campbell Street, and, subject to planning approval, intends to demolish the building to make way for a £75million office block.

Princes House was constructed in the mid-1960s and was formerly occupied by Lloyds Banking Group, and more recently Barclays.

Andrew White, development manager and shareholder of Garroch Investments, said: “I have been looking for an office development opportunity in Glasgow for the last couple of years, and I am delighted that, with [property agent] Savills assistance, Garroch has been able to secure such a prime opportunity in the current development cycle where there is such a shortage of Grade A accommodation.”

Until demolition, charity Clutha Trust will be occupying the whole building on a short term letting at a nominal rent and will act as a hub operator providing office space for many different smaller charities in the city centre.

Mr White added: “Over the course of the transaction the building became vacant and we are delighted to have had the opportunity to support local charities through Clutha Trust.”