A £200 million proposal to create a new residential neighbourhood with more than 700 homes in a historic area has been granted planning permission.
Residential investor Get Living said its build-to-rent scheme will transform a derelict site behind High Street train station in Glasgow.
It said that Glasgow City Council has approved plans which will enable the investment partnership behind Get Living PLC to invest £200m to build 727 new build-to-rent homes on the 7.5-acre site behind the station.
The scheme will feature a new public square, 99 student studios and around 3,365 sq m of space for retail, leisure, food and drink and commercial businesses.
There will also be new tree-lined access routes on the site to connect the Merchant City through to the East End via High Street.
Rick de Blaby, Executive Chairman of Get Living, said: “We welcome the decision by Glasgow City Council to grant consent for our neighbourhood and believe it will bring much needed, in-demand, high-quality homes for rent to the heart of the city. With a wealth of commercial developments in the city centre and on the waterfront of the river Clyde, it is an exciting time for Glasgow and it is fantastic to be able to say we are now a part of its ongoing revitalisation.
“We have listened carefully to the views of local businesses and the people of Glasgow in forming these ambitious plans. Now, as long-term investors, we will build on those relationships even further in the years to come and look to become part of Glasgow’s Civic Family, delivering a new area of the City’s fabric with important historical significance.”
Other than a section currently used as a car park the site has lain vacant and derelict for many years.
Developers said the Molendinar Burn, the original freshwater source upon which Glasgow was founded, passes underneath the site while the area was home to the University of Glasgow before it moved to the west end in the 19th century.
Work on the first phase of the development is expected to start in 2019, subject to securing a building warrant.
Stuart Patrick, Chief Executive, Glasgow Chamber of Commerce said: “This development will completely overhaul a key area of Glasgow, located right on the cusp of the city centre in an ideal location.”