A LUXURY apartment development in the former headquarters of the South of Scotland Electricity Board, which became ScottishPower, is now 60%-sold, with the final phase having been released and attracting solid demand.
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Developer FM Group, which was founded in 1997 by Jonathon Milne and began with the refurbishment of a single apartment in Edinburgh, said yesterday that only 29 of the total 73 flats made available in the first and second phases remained unsold. It has invested £40 million in the building’s redevelopment. Twelve of the 35 apartments in the newly released second phase of the development, at Cathcart on the south side of Glasgow, have been sold. Six flats from the 38-unit first phase remain available.
The Cathcart House development, over five floors, comprises a mixture of one, two and three-bedroom apartments, and penthouses.
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Cathcart House was designed by Scottish architect Sir John James Burnet, and was built by the Wallace Scott Tailoring Institute. It was completed in 1916. Plans to extend the building were launched in 1919, with this development lasting until 1922.
The building was occupied by the state-owned SSEB ¬- which became ScottishPower ahead of the utility’s privatisation in the early 1990s - from the 1950s.
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It was acquired by FM in 2017.
Prices range from £173,000 to £349,000 for one to three-bedroom apartments. The two-bedroom penthouses are priced from £366,000.
Cathcart House, which is a B-listed building, is retaining its original hallway entrance and its marble staircase with decorative balustrades.
Robert Croll, sales manager at FM Group, said: “We are very proud to be part of the redevelopment of this iconic building.”
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