A MAJOR development site in Glasgow city centre has been launched to market.
The plot atat 20 India Street was previously home to local authority office building Nye Bevan House and extends to 1.28 acres (0.52 hectares).
The building was demolished in 2015 with the site cleared to make way for new development. It is now available for sale or long-term let.
CBRE is marketing 20 India Street on behalf of City Property Glasgow (Investments) LLP, which owns and manages a diverse portfolio around of 1,800 commercial properties in the city.
Initial feasibility studies by architects Hawkins\Brown, indicate a range of potential opportunities for the land.
It is located yards from Charing Cross railway station and near prominent developments including Scottish Power’s 220,000 sq ft HQ, Starwood Capital’s 172,000 sq ft St Vincent Plaza and Moda Living’s build-to-rent complex on the former Strathclyde Police HQ.
CBRE sold an adjacent building — Portcullis House — in 2020 on behalf of Mapley which is due to be demolished for redevelopment. It was purchased by Watkin Jones who have applied for a build-to-rent and co-living development.
Andy Cunningham, head of advisory and transaction services, CBRE Scotland, said: “20 India Street offers a rare chance to secure the largest development site in one of Glasgow’s best-connected locations.
“It is a major opportunity for a developer to create a new sense of place in an area with so much potential. We anticipate a huge level of demand, likely from residential, student accommodation and office developers, now the site is available.”
Allan McDonald, asset maximisation manager at City Property Glasgow (Investments) LLP, added: “We are delighted to be working with CBRE on bringing 20 India Street to the market. This area of the city has seen major investment over the last few years, and it is anticipated that this site will attract substantial interest from developers.
“We look forward to playing a part in a further significant development in this area.”