PROPERTY developer MRP has completed the purchase of former newspaper offices in central Glasgow, extending it significant investment in the city.
It has acquired the vacated Herald/Glasgow Times base at the top of Renfield Street, in the Broadway business area.
Glasgow City Council last month approved an application for two floors of the 53,000 sq ft building to be used as a job centre as part of the UK Government’s response to the covid pandemic.
MRP plans to refurbish the vacant second floor and market for let.
The developer’s major investment in Glasgow began with the purchase of the last plot in the Broadway area in 2018.
Part of the development is already underway with construction of the 300-bed Maldron hotel, due for completion this year, with the remaining phase being a 110,000 sq ft grade-A speculative office building.
Angus Monteith, development director at MRP, said: “The purchase of 200 Renfield Street is part of a major, long-term investment project for us in this area of Glasgow.
“Our 300-bed 4-star Maldron hotel will open in July 2021 and we have planning consent for our 110,000 sq ft Broadway Central office development.
“Our development plans will revitalise an important area of the city centre and support its economic recovery, particularly following the pandemic.
“We plan to create a fantastic, combined estate with generous public realm that will make our new office building at Broadway Central unique in Glasgow city centre.”
Andy Cunningham from CBRE, who handled the sale on behalf of MRP, said: “It is great news that we have managed to secure the purchase of this well-known building in Glasgow city centre for MRP.
“It is located in a prime area of the city centre and has unrivalled public transport links and access to endless amenities.
“MRP has made a significant investment in the area showing that, despite the pandemic, there continues to be strong interest for high-quality sites in the right locations.”
Glasgow’s Broadway area comprised the redevelopment of the former Scottish Television Studios to provide 275,000 sq ft of Grade A offices and a 200-bedroom hotel.
The first phase of offices, the 125,000 sq ft Broadway One, is occupied by Tesco Bank and the hotel was sold to citizenM Hotels for its first UK venture.