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Substantial Development / Refurbishment Opportunity

For Sale
Mercat Building, 26 Gallowgate, Glasgow, G1 5AB
  • Offers Invited P.O.A.
  • 29,849.00 ft²

Key Information

  • Located in the popular Merchant city area
  • Highly prominent position
  • Highly accessible location with excellent transport links
  • Suitable for a variety of uses Subject to Planning

Property Description

The subjects were constructed during the late 1920s and comprise a grand, architecturally striking landmark building comprising six floors. The building is 'A' listed and is constructed of steel-framed polished ashlar beneath a slated mansard roof. It is currently utilised as offices and workshop/studio space with retail accommodation on the ground floor. The upper floors are accessed via a central stairwell and lift lobby accessed from Gallowgate. It is currently utilised as offices and workshop / studio space with retail accommodation on the ground floor, which has extensive frontage to Gallowgate, London Road and Glasgow Cross. The upper floors are accessed via a central stairwell and lift lobby accessed from Gallowgate. OPPORTUNITY The building represents an opportunity for an investor / developer to redevelop a landmark building in Glasgow City Centre. Potential uses include retail, food + beverage, boutique hotel, offices and others. Additionally, the property is also suitable for owner-occupation. TENANCY INFORMATION The building is currently occupied in part by a retail tenant on a monthly lease and an office occupier on the third floor, with a lease expiry on 27th April 2024. Otherwise, the building is vacant. In addition, there is a telecommunications mast lease expiring in June 2034. Full details available from the agents.

Glasgow is Scotland's largest city with a resident population in excess of 1.2 million persons. The city benefits from a diverse and growing economy with sectors including financial services, tourism, retail, technology and higher education. Glasgow's sustained growth has seen major occupiers expanding in the city including Barclays, Morgan Stanley and JP Morgan. Over 60,000 students attend the five higher education institutions within Glasgow making it a young and vibrant city both to live and work in. Glasgow University, Strathclyde University and Glasgow School of Art are all institutions of world renown. Outside of London, Glasgow is known as the UK's premier retail destination with a range of top-quality retail and leisure offerings including Buchanan Street as the prime retail hub, in addition to St Enoch Shopping Centre, Buchanan Galleries, Princes Square and the culturally vibrant Merchant City. The subjects are located in the heart of the Merchant City with frontages to Saltmarket, Gallowgate and London Road. The area is a vibrant business location close to the main retailing and office locations of the city. There are excellent transport links with High Street and Argyle Street low level railway stations nearby.

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