By Ian McConnell
The site of the former Nye Bevan House in Glasgow, described as the “largest available development site in the city centre”, has been put up for sale.
Potential for residential, office and student accommodation development was flagged, as global real estate adviser CBRE announced the launch to market of the 1.28-acre site at 20 India Street. The former Nye Bevan House was used by Strathclyde Regional Council and then by Glasgow City Council.
Nye Bevan House was demolished in 2015, with the site cleared to make way for new development.
CBRE said the site is now available for sale or long-term let. It is marketing the site on behalf of City Property Glasgow (Investments) LLP, which CBRE noted owns and manages a diverse portfolio of around 1,800 commercial properties in the city.
Initial feasibility studies have been undertaken by architect Hawkins Brown, highlighting a “range of transformational redevelopment opportunities for the site”, CBRE declared.
Andy Cunningham, head of advisory and transaction services at CBRE Scotland, said: “Twenty India Street offers a rare chance to secure the largest development site in one of Glasgow’s best-connected locations. It is a major opportunity for a developer to create a new sense of place in an area with so much potential. We anticipate a huge level of demand, likely from residential, student accommodation and office developers, now the site is available.”
The site is yards from Charing Cross railway station and close to ScottishPower’s head office, Starwood Capital’s St Vincent Plaza development, and Moda Living’s build-to-rent development on the former Strathclyde Police headquarters site, CBRE added.
The real estate adviser sold an adjacent building called Portcullis House, at 21 India Street, in 2020 on behalf of Mapeley. This building is due to be demolished for redevelopment. It was purchased by Watkin Jones, which plans to create a new build-to-rent and co-living development, subject to planning approval.
Allan McDonald, at City Property Glasgow (Investments) LLP, said: “This area of the city has seen major investment over the last few years, and it is anticipated that this site will attract substantial interest from developers. We look forward to playing a part in a further significant development in this area.”
Offers are being invited for a long leasehold or heritable title in the site.