Marketing campaign launched for campus
Landmark hotel option for Glasgow city centre college tower
The North Hanover Street tower, immediately north of George Square, is part of a portfolio of five buildings that Ryden has brought to the market on behalf of City of Glasgow College.
Ryden won the instruction last August but has only just launched the marketing campaign after several months spent analysing the condition of the properties and gauging the most likely uses for which planning consent would be granted.
With the city’s main office core now firmly anchored between Hope Street and the Charing Cross area, the firm appears to have dismissed the possibility of redevelopment of the main building for conventional business space use.
Ryden director, Ewan Cameron said: “The most likely use will be student accommodation, private rented housing or for that matter a landmark hotel, given the cracking location. With institutional interest growing, private rented housing developers are now looking beyond London and the south-east for opportunities so I anticipate a lot of interest from this quarter too.”
“The tower has great potential for conversion into any number of uses, and for a comprehensive development to improve the use of the site and the surrounding streetscape and public realm. The appetite for development opportunities in Scotland is growing with some momentum now and I’m sure we will get enquiries from both within the UK and internationally.”
The gross internal area extends to just under 166,000 sq ft.
Completing the portfolio is the 83,000 sq ft Charles Oakley building on nearby Cathedral Street and others in Florence Street ,adjacent to the College’s new Riverside Campus, and in Dornoch Street and Rogart Street, Bridgeton.
Ryden has not set a guide price for the portfolio or for any of its constituent parts. It anticipates notes of interest by the end of six months and hopes to set a closing date by the summer.
City of Glasgow College is set to move into a new all-purpose campus in 2016.