Watkin Jones said it had now completed the purchase of Portcullis House at 21 India Street from Mapeley Investment Group.
The firm will redevelop the site, which stretches to almost an acre, to deliver a new build-to-rent scheme comprising some 750 units.
Plans for the new scheme include a co-working hub and “communal amenity spaces offering spectacular view across the city”.
The 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: “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.”
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.
“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.”
CBRE represented vendor Mapeley Investment Group while Lambert Smith Hampton acted for purchaser Watkin Jones.