29 Oct 2024
Plans to transform the former Marks & Spencer store on Sauchiehall Street into student accommodation have moved a “step closer”, its developer has declared.
Fusion Group has completed the acquisition of the landmark building from the high-street giant in a deal worth £150 million.
The deal provides a boost to hopes for the regeneration of Sauchiehall Street, which has suffered over recent years from the decline of the retail sector and, more recently, the after-effects of the Covid pandemic. The street has also been disrupted in recent months by major works to improve the public realm, which are expected to be largely completed before Christmas.
Our chief executive, Stuart Patrick, comments:
"This is highly encouraging news for Sauchiehall Street, and the business community warmly welcomes it. The mixed-use development will not only offer accommodation and commercial opportunities but also restore the pedestrian link between Sauchiehall Street and Renfrew Street.
"Revitalising Sauchiehall Street is essential for driving growth in the city centre’s economy and transforming an unused building into valuable assets reflects precisely the kind of investment we want to see more of in Glasgow.
"I congratulate the new owners and eagerly anticipate the progress of their plans."
