Shift in market
Homes get nod over plan for hospitality ‘destination’
Portcullis House hoped to become ‘iconic’ venue
Government offices in Glasgow city centre which had been marketed as an ‘iconic’ hospitality and commercial destination will be turned into homes for the build-to-rent sector.
Portcullis House, which occupies a 0.8 acre site in India Street alongside the M8, has been acquired by Watkin Jones from Mapeley Investment Group.
The scheme will include 750 units, a co-working hub and communal amenity spaces.
The building, which comprises 99,782 sq ft across lower ground, ground, and six upper floors, is currently let to the Secretary of State for Housing, Communities and Local Government until April 2021.
The proposed development is seen as an important part of the renewal of the western part of Glasgow city centre and is set for completion in 2024.
However, its conversion into rented homes may also point to a slackening of demand for hospitality and office accommodation.
When it was put on the market at the end of April – as the lockdown took hold – it was hoped it might present the opportunity to create Glasgow’s first “iconic” mixed-use development in the style of Manchester’s Spinningfields or Birmingham’s Brindleyplace.
Spinningfields is home to some of Manchester’s most popular bars, restaurants and shops, and is also the biggest commercial district in the city, housing some of the largest corporations in the North West.