The latest investment by the 50/50 JV shows the commitment of both companies to being part of the continued growth and regeneration of Glasgow’s vibrant property market, unlocking significant redevelopment opportunities in a key urban location.

Situated in the heart of Glasgow’s evolving southbank area, the 1.78-acre site is prominently positioned adjacent to major developments such as the Barclays Campus and the highly successful Buchanan Wharf, Build-to-Rent (BTR) scheme.

Its prime island location offers excellent connectivity, being within close proximity to Glasgow Central Station, Buchanan Bus Station and the city’s motorway network, making it an attractive prospect for future mixed-use or commercial redevelopment.

As part of the acquisition strategy, a letting agreement has been secured with Wholefoods Glasgow Ltd. The company will operate the site as a cash and carry facility, providing an immediate and stable rental income while medium-term redevelopment plans are considered and brought forward. This interim use ensures the site remains economically active whilst a planning application is prepared to unlock its full potential.

Sandy Smith, development director at Buccleuch Property, expressed enthusiasm about the acquisition: “We are delighted to have secured this key site in Glasgow with our JV partner Sir Robert McAlpine Capital Ventures, which presents a fantastic opportunity in a strategically significant location.

“The southbank area continues to evolve as a dynamic mixed-use hub and we see significant potential for transforming this island site into a high-quality, mixed-use development that aligns with the city’s vision for sustainable urban regeneration. In the short term, we are delighted to welcome Wholefoods Glasgow Ltd as a tenant, ensuring the site remains productive as we refine our redevelopment strategy.”

John Parnell, development director, Sir Robert McAlpine Capital Ventures, said: “We are excited to continue our working relationship with Buccleuch Property in taking forward this strategic site on Glasgow’s southbank. This acquisition represents a significant opportunity to further regenerate the area with a transformative mixed-use scheme of scale.

“We will be building on Sir Robert McAlpine Capital Ventures’ previous presence in the area, having successfully delivered the award winning  Riverside Campus for the City of Glasgow College and are looking forward to further creating proposals that will contribute positively to the continued growth and vibrancy of Glasgow’s southbank.”

The joint venture between Buccleuch Property and Sir Robert McAlpine Capital Ventures represents a shared commitment to driving forward progressive and sustainable development in key UK urban locations. Both companies bring extensive experience in property investment, development and regeneration, ensuring that 101 Centre Street will contribute positively to Glasgow’s continued transformation.

Buccleuch Property and Sir Robert McAlpine Capital Ventures were supported in this successful acquisition by Scarlett Land and Development, RJ Pearson Property Consultants, Shepherd Chartered Surveyors and Shepherd & Wedderburn.