Rental demand hastens the demise of Charing Cross office block
August 27 2020
Multi-occupancy housing specialists Watkin Jones have alighted on a Glasgow office block for their next build to rent venture, after acquiring Portcullis House from Mapeley Investment Group.
The dated block will be demolished from April next year, following the expiry of the current tenant lease, to free up the site for a new build development of 750 apartments including a co-working hub and amenity space.
Watkin Jones Group investment director Alex Pease commented: “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.”
The island site provides a development opportunity stretching to 0.33 hectares with initial feasibility studies having already been undertaken by Cooper Cromar for full-scale redevelopment, although this is not expected to complete before 2024.
The development bid follows the demolition of a twin system-build block on the other side of India Street.
Built in the early 1970s Portcullis House extends to approximately 99,782 sq ft over lower ground, ground and 6 uppers floors
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