Four former city centre buildings have been sold by Ryden on behalf of The City of Glasgow College.
New owners Study Inn Group plan to turn the 14-storey North Hanover Street (19,350 sq m) and Cathedral Street (7,740 sq m) properties into high-quality student accommodation. At Dornoch Street (2,160 sq m), high-quality office and business space will be developed by Roddie Developments. A similar project will also be undertaken by Crestlink at the former Rogart Street building (4,638 sq m).
The sites attracted strong market interest and contracts were concluded in under a year from the commencement of marketing.
Mandy Watson, Head of Public Sector at Ryden’s Glasgow office, said: “It is a fantastic result to have concluded contracts for four of the buildings and it is a testament to the hard work and the cohesive effort of the project team.”
A multi-disciplinary team comprising Ryden, Mappin Consulting and legal adviser Anderson Strathern was led by City of Glasgow College to shape disposal strategies that were designed to maximise market interest, manage risks and achieve the efficient and timely completion of the transactions. Scottish Futures Trust provided an assurance role for both the College Board and the Scottish Funding Council.
Iain Marley, Project Director at City of Glasgow College, commented: “The sale of these older properties forms part of our College’s new campus strategy which brings significant benefits to Glasgow. The creation of new jobs alongside the redevelopment of landmark city centre buildings will not only bring public realm improvements for the local community but it will also establish an impressive Learning Quarter right in the heart of the city. We are grateful to Glasgow City Council planning department and Historic Scotland for their support and assistance.”