A 750-FLAT build-to-rent development is planned for a site on the west side of Glasgow City Centre.
Developer and residential rental property manager Watkin Jones is proposing the scheme following purchase of the Portcullis House office building on India Street.
The development, which would be due for completion in 2024, would also include a co-working hub and communal amenity spaces.
The office is let to The Secretary of State for Housing, Communities and Local Government until April 2021.
Watkin Jones Group investment director Alex Pease said: “We are delighted to have secured a highly deliverable build-to-rent development site in Glasgow, a key target city for the group.
“The site is located in a prime urban location within the business district with excellent access to amenities and local transport links.
“The transaction demonstrates our positive outlook for the build-to-rent sector across the UK.”
CBRE represented vendor Mapeley Investment Group Limited whilst Lambert Smith Hampton acted for purchaser Watkin Jones.
Andy Cunningham, senior director at CBRE, added: “It’s fantastic news that we can confirm we have successfully sold Portcullis House in Glasgow on behalf of our client Mapeley Investment Group Limited.
“The marketing campaign was carried out at the height of the Covid-19 global pandemic however the team still managed to generate significant amounts of interest and successfully completed the entire sales campaign for the rarely available site within just 76 days.
“This shows there continues to be strong investor interest for high quality sites in the right locations.
“We were extremely impressed with Watkin Jones’ plans for the site and look forward to seeing them coming to life over the next few years.”