A substantial site was identified in the heart of the Merchant City, close to major transport interchanges and the business centre of Glasgow. The site had previously been identified for office development; however that market had fallen away. Terms were agreed to purchase, subject to planning to undertake a major residential development of 60 units and 20,000 sq ft retail.
Extensive negotiations were required with the Planning Department to remove the need for affordable units and find a satisfactory solution. A particularly sensitive area was the major façade that had to be retained, whilst maintaining the commercial viability of the project. Also with 80 apartments to be sold it was important to achieve strong interest in the release of the first phase off plan.
The flats were all sold to a mixture of occupiers and investors over an eight month period, straddling Practical Completion. The total sales value achieved was in excess of plan at £15.8m. The 4 retail units were let or sold to Tesco and local occupiers for £3.4m.