Glasgow’s Portcullis House site sold for new Build to Rent project
Developer and manager of residential property for rent Watkin Jones has completed the purchase of Portcullis House in Glasgow from Mapeley Investment Group Limited.
Located at 21 India Street in the city centre, Portcullis House occupies a substantial site of 0.826 acres. Watkin Jones will redevelop the site to deliver a new Build to Rent scheme comprising circa 750 units. Plans for the new scheme include a co-working hub and communal amenity spaces.
The office building is currently let to The Secretary of State for Housing, Communities and Local Government until April 2021. The new development will form an important part of the renewal of the western part of Glasgow city centre and is set for completion in 2024.
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.”