A DETACHED office building in central Glasgow has been put on the market, with the opportunity to create a hotel among the development opportunities flagged by selling agent CBRE.
Portcullis House at 21 India Street, which is owned by Mapeley, occupies a “substantial heritable island site of 0.826 acres”, with the property extending to around 99,782 sq ft, CBRE noted.
The selling agent said the property “benefits from a short-term lease” until April 1, 2021 from the Secretary of State for Housing, Communities and Local Government at a rent of £500,000 per annum exclusive of value-added tax.
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CBRE said that an initial feasibility study led by Cooper Cromar Architects had been undertaken to identify redevelopment opportunities subject to necessary consents, with “options including mixed-use sites comprising office, hotel and build-to-rent accommodation, or a landmark office building up to 275,000 sq ft”.
Andy Cunningham, a senior director at CBRE, said: “The launch to the market of Portcullis House represents an exceptionally rare opportunity to secure a centrally located property, with a number of options to reposition the building via full-scale redevelopment and the potential to significantly increase the net useable accommodation.”
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Asked whether some or all of the development options could involve demolition of the existing building, Mr Cunningham replied: “While the feasibility study highlights the potential around demolishing the existing building to make way for a new-build development, the building offers large open-plan floorplates that will appeal to developers looking to carry out an extensive refurbishment. We have already had a number of inquiries from developers considering either of these approaches.”
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