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Development Site in Glasgow to be Acquired by IQ

Posted by Calum Martin in ,

Image courtesy of Flickr, (View licence)

The development site, which is located in Glasgow city centre on Bath street, is being sold by real estate investment trust AEW UK REIT.

IQ Student Accommodation is set to acquire the Glasgow site, which has already received planning permission for the demolition of the existing office building alongside the development of a 527-bed student accommodation scheme.

During the planning hearing, concerns were raised from some councillors that there are already too many student schemes in the area. Councillor Eva Bolander said when there is a high number of transient people, they "don't care about the local area in the same way."

Representatives from iQ student have claimed the city centre is "large enough to accommodate" the development, arguing that it coulud help to regenerate the surrounding area, including Sauchiehall Street.

Alex Short, portfolio manager at AEW UK REIT, said: "This is the realisation of a long-term asset management strategy for our office asset in Glasgow. Following its sale, which has been conditional on planning consent, we will see an increase in the portfolio's occupancy rate, a reduction in overheads, and new capital for further investment."