A planning application has been submitted to transform a vacant historic office block at 250 St Vincent Street, Glasgow into a PBSA development.
It was built as a hotel in 1878, has category B listed status, and has been empty since 2018. Permission was granted in 2020 to turn the building back into a hotel, but that proposal did not proceed.
“In its current form as an office, the property has been actively and extensively marketed. Despite this, there has been no interest from prospective tenants.”
Planning document
The new plans for St Vincent Street would see the seven-story building sensitively restored and converted into a 148-room PBSA scheme. Plans would celebrate and enhance the existing elements.
The proposals includes studio rooms for residents, which will contain kitchenettes, sleeping accommodation and ensuite showers. The plans also contains six duplex rooms split across the first two floors, maximising the opportunity of the existing double-height windows facing St. Vincent Street.
Amenities would include a lounge, lobby areas, gym, fitness room, study rooms and laundry rooms.
“Market testing has shown that demand is poor for the type of office accommodation available at 250 St Vincent Street in its current format.
“The reasons for this range from the wrong location to the limited size and flexibility of the spaces available in the existing building.
“Despite the site’s struggle to attract office tenants, the building possesses great potential to be brought back into use as a student residential scheme.
“This exciting proposal would bring this building to life once again. It will breathe new life back into this corner of Blythswood Hill, bringing opportunity and animation to this end of St Vincent Street and the character area beyond.”
Faulkner Browns Architect statement
Glasgow City Council planning officials are considering the St Vincent Street PBSA application and a decision is expected by 1 October 2024.
Also, in January, a prime forward funding PBSA opportunity became available on 292 St Vincent Street. The scheme includes a total of 17,513 sq ft (1,627 sqm) of amenity space and has an EPC B rating, with an EPC A rating as a target during design and construction.
The Gross Operating Income (GOI) and Net Operating Income (NOI) has been provided by Homes For Students, with strong prospects for rental / NOI growth.
The developer for the scheme is Artisan Real Estate, who have an excellent track record and were the winners of the 2023 “Excellence in Sustainability” Scottish Home awards. Completion is anticipated for May/June 2026.
