HUNDREDS of homes are being planned for the edge of Glasgow city centre following the sale of prominent office building Portcullis House.

Watkin Jones has completed the purchase of the 0.8-acre India Street site from Mapeley Investment Group Ltd.

The company intends to redevelop the land to deliver a build-to-rent scheme, comprising around 750 units.

Plans also include a co-working hub and communal amenity spaces offering “spectacular views” across the city.

READ MORE: Glasgow City Council miss out in bid for landmark office building

Industry sources have confirmed Watkin Jones paid over £6m for the site.

Glasgow City Council, which wanted to gain "greater control" over development in the area, was unsuccessful with a £1.9m offer.

Alex Pease, investment director at Watkin Jones Group, 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.”

Portcullis House is currently let to the Secretary of State for Housing, Communities and Local Government until April 2021. The new development has been scheduled for completion in 2024.

Glasgow Times:

CBRE marketed the property on behalf of the owners and believes the “significant” interest despite Covid-19 shows there continues to be “strong investor interest” in the right locations.

Andy Cunningham, senior director at CBRE, said: “It’s fantastic news that we can confirm we have successfully sold Portcullis House in Glasgow on behalf of our client.

“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.

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“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.”

Officers at the city council approved a £1.9m attempt to purchase the property in June.

City Property Glasgow (Investments), one of the council’s arms-length external organisations, has “significant” ownership in the area, including the former Nye Bevan House site.

A council report stated: “The western edge of the city centre is a location where the council family has a significant land holding and the purchase of Portcullis House would give the council greater control in order to drive forward a masterplan for the combined Nye Bevan/Portcullis House sites and immediate environs.”