Developer buys city block
‘Haunted’ townhouse office secures buyer
A townhouse in the centre of Glasgow’s business district, vacant for several years, has been acquired for £2.45 million by a speculative development and construction firm.
Marshall CDP has bought the Blythswood Square property, a corner site comprising 16,200 sq. ft.
According to local legend the townhouse is haunted by Madeleine Smith, a woman who stood trial accused of poisoning her lover with arsenic at the address in the 1850s.
GVA acted for the seller whilst Paul Hamilton Chartered Surveyors represented Marshall CDP, which will be working with local development partner HKI.
Alison Taylor, senior director for business space at GVA, said: “Despite being vacant for several years the sustained level of interest in the building and intense competition for Grade A space in Glasgow made a sale inevitable. Enquiries came in for a number of end uses including hotels, office and residential.
“The price represents a capital rate of about £150 sq ft. This is an increase from under £100 per sq. ft. on sales of similar townhouse properties in the city that we have been involved in recently. However at present the Glasgow market remains undervalued and offers good value to investors.”
A neighbouring property has recently undergone major refurbishment.