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For Sale Development Opportunity 359 Sauchiehall Street Glasgow

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For Sale Development Opportunity 359 Sauchiehall Street Glasgow REFURBISHMENT/ FOR SALE DEVELOPMENT OPPORTUNITY 359 SAUCHIEHALL STREET GLASGOW SAT NAV: G2 3HU Glasgow • 19 self-contained flats providing 81 student beds and a management office (potentially 2 further bedrooms) requiring refurbishment • Potential alternative uses as residential / serviced apartment city centre subject to planning • Glasgow City Centre • Prominent corner block • Gross Internal area approx. 2,187 sq m (23,540 sq ft) over 4 floors • Offers invited opportunity 359 SAUCHIEHALL STREET, GLASGOW, G2 3HU PAGE 2 the Property This Grade B listed property comprises the prominent upper floors (1st, 2nd, 3rd and 4th) of a sandstone building on the southwest corner of the junction of Sauchiehall Street and Holland Street. The main access is from a doorway directly onto Sauchiehall Street leading to the first floor. The majority of the ground floor is occupied by a Wetherspoons bar and is not part of the property being marketed. The property is currently configured as 19 self-contained flats providing 81 student beds and a management office requiring refurbishment. 359 SAUCHIEHALL STREET, GLASGOW, G2 3HU PAGE 3 central location Buchanan Galleries Shopping Centre Central Station Buchanan Bus Station Cineworld Multiplex Theatre Royal M&S Primark Blythswood Hotel Boots King Tut’s Wah Wah Hut Glasgow Film Theatre Dakota Hotel Sandman Signature Hotel Sauchiehall Street IQ Elgin Place (PBSA) MODA Holland Park (BTR) Glasgow School of Art 359 Holland Street Glasgow Dental Hospital Watkin Jones and School Portcullis House (BTR) King’s Theatre Charing Cross Station Tesco Beresford Lounge M8 Motorway The Garage (nightclub) 359 SAUCHIEHALL STREET, GLASGOW, G2 3HU PAGE 4 The property is located in the Bustling heart of Glasgow City Centre in a prime position on the south side of Sauchiehall Street, at its junction with Holland Street. Situation Sauchiehall Street is undergoing major upgrading; the recently completed Avenues public realm project has helped galvanise further positive changes to this vibrant part of west Glasgow city centre. It is a principal thoroughfare into the city centre from the West End and beyond for those travelling on foot, cycling and by car where there is direct access from the M8. Locale Location The new public realm links Sauchiehall Street’s pedestrianised retail areas to Buchanan Galleries at the top end of Buchanan Glasgow is the largest city in Scotland. It is located Street. The location is also adjacent to the hotel and office approximately 45 miles (73 km) west of Edinburgh. The city districts around Blythswood Square where The Blythswood, has a population of approx. 633,120 (2019 Census) and a 30 Dakota, Ibis and Premier Inn hotels add to the mix of leisure uses minute drive time catchment area of approximately 1.5M. in this part of the city centre. Others are planned together with major residential developments. Glasgow is a major Scottish UK retail and leisure destination with the Hydro concert arena and the SEC attracting many In addition to Glasgow’s main line stations, Charing Cross major international conferences including COP26 later this Station is nearby. Many bus services run past the property and year. The city has many major financial service corporate along Bath Street. In addition there is good on street and multi occupiers together with technology businesses and a wide storey car parking in the vicinity and adjacent bus stops with array of professional and commercial firms. numerous services. Major firms like Barclays, JP Morgan and Morgan Stanley The area is home to many lively bars and restaurants and is have expanded, attracted by the City’s highly qualified anchored by the internationally famous Glasgow School of Art, workforce and large graduate population from the three the Glasgow Film Theatre, the King’s Theatre, and other key arts main Universities and the other world renowned institutions facilities as well as the Glasgow Dental School. In addition to the like the Glasgow School of Art. public realm improvements funded by City Deal, Glasgow City Council continue to focus on continuing the transformation of this part of the city. 359 SAUCHIEHALL STREET, GLASGOW, G2 3HU PAGE 5 Connected 18 S Cowcaddens Subway Station 359 Glasgow School of Art Royal Conservatoire M8 of Scotland Sauchiehall St Buchanan Bus Station Buchanan Charing Bath St Galleries Cross Shopping Centre Connectivity Station Holland St Buchanan Street • Bus - Adjacent Subway Station • Train - Charing Cross - 0.2 miles Blythswood St • Car - M8 - 0.5 miles S Queen Street Station • Subway - Cowcaddens - 0.5 miles St Vincent St • Airport - 8.5 miles 19 Glasgow Central Buchanan St Station Anderston Station S St Enoch Subway Station 359 SAUCHIEHALL STREET, GLASGOW, G2 3HU PAGE 6 The Surrounding Area The large student and residential population around 359 Sauchiehall Street has Riverside Museum expanded over recent years. Many older Kelvin Hall office buildings have been converted to Scottish Event Campus student, residential and hotel uses as well + SSE Hydro Arena Kelvingrove Gallery Glasgow University as new build student housing developments such as iQ’s Elgin Place. Finnieston Kelvingrove Park The pace of change to student occupation and residential uses in this location is accelerating with Moda on-site constructing Argyle Street 433 Build-To-Rent (BTR) units at Holland Park located close to the property on Holland Street. iQ are entering the planning consultation process for the demolition of the current older office building at 225 Bath Sauchiehall Street Street one block to the rear of the property, Woodlands Road to be replaced by a new build 560 unit St Vincent Street residential focussed development. Watkin Charing Cross Station Jones have also announced major residential development plans (c. 825 BTR and Co-living units) for Portcullis House on India Street adjacent to the M8. Portcullis House Development proposals for the nearby 359 M8 Motorway historic former High School of Glasgow Elmbank Street complex and the listed former ABC complex are believed to be Elmbank Street predominantly for residential redevelopment together with some mixed use elements. Holland Park Glasgow City Council are keen to promote city centre living and various prominent 225 Bath Street key blocks to the east of this property along Sauchiehall Street are also being considered for residential driven development. The Glasgow School of Art changing nature of this area has been positively enhanced with the major investment by Bywater to create McLellan ABC Works, a high quality contemporary office Blythswood Square workspace building. Future Developments McLellan Works 359 SAUCHIEHALL STREET, GLASGOW, G2 3HU PAGE 7 Glasgow is home to five Higher Education Institutions (HEI) with almost 78,000 full time students in 2019/20 (HESA) – the 5th highest student population in the UK. The property is located within walking distance of all of Glasgow’s universities, with the University of Glasgow, Glasgow Caledonian University, the Student University of Strathclyde, Glasgow School of Art and the Royal Conservatoire of Scotland all being within 20 minutes’ walk. Housing St George’s Subway Station University of Glasgow S Cowcaddens Subway Station Glasgow School of Art Caledonian University S Charing Cross Station Royal Conservatoire Finnieston of Scotland 359 City of Glasgow College 15 minute walk Buchanan Street Subway Station 5 minute walk 10 minute walk S University of Strathclyde SEC + Hydro Arena Queen Street Station Anderston Station Central Station St Enoch Subway Station S 359 SAUCHIEHALL STREET, GLASGOW, G2 3HU PAGE 8 Existing Existing Accommodation - Type Existing Accommodation - Floor Areas Type Beds Area Sq Ft Sq M Floor Plans Small Single Non-Ensuite 1 Basement 689 64 Small Single Non-Ensuite 2 Ground Floor 237 22 The property on Sauchiehall Street is currently configured as 81 standard Single non-ensuite 20 First Floor 7,115 661 student bed spaces arranged in 19 cluster flats of 3, 4 and 5 bed spaces with shared kitchen, lounge and bathroom facilities. In addition there is a Single non-ensuite 28 Second Floor 7,093 659 management office (potentially 2 further bedrooms). The property has been vacant for a number of years and now requires refurbishment. Double non-ensuite 13 Third Floor 7,050 655 Double non-ensuite 17 Fourth Floor 1,356 126 The total existing floor area is approx. 2,187 sq m (23,450 sq ft). Measured floor plans area available on request. Total 81 Total 23,450 2,187 Typical Existing Floor Plan 225 Bath Street - visual of proposed development/existing IQ Elgin Place (student accommodation) 359 SAUCHIEHALL STREET, GLASGOW, G2 3HU PAGE 9 Planning / Alternative Uses Subject to the necessary consents, the building offers Serviced-Apartment potential for a number of alternative uses including co-living, hostel and serviced -apartment. Planning consent was granted in February 2010 for a 38 unit serviced apartment scheme over 1st, 2nd and 3rd floors with an open plan office Parties interested in alternative use are advised (which involves areas not owned and not forming part of property being to speak directly to the local planning authority at offered for sale). Planning Ref: 09/02818/DC. Glasgow City Council, Planning & Building Service - [email protected] / 0141 287 8555 Area Sq M Sq Ft Duct 2 Bed suite 60.50 651 Double Guest Room Studio Suite Studio Suite 22.3 sqm Double guest room 25.80 277 26.5 sqm 26.5 sqm POTENTIAL 1 Bed Suite 11 10 Build-To-Rent and Co-Living LINK 13 43.5 sqm 12 1 Bed Suite 42.4 sqm 09 Studio suite 29.50 317 The site is well-located to take advantage of the Kitchen Kitchen Duct Duct Duct Duct 700x1200mm Duct HOUSE wheelchair refuge nascent BTR and Co-Living markets that are now KEEPING Double guest room 22.90 246 2 Bed Suite 60.5 sqm emerging rapidly particularly in Glasgow’s West End.
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