Cordatus Thinks in the Abstract
A 170,000 sq ft speculative office development is to be built in Glasgow’s business district, after Abstract Securities exchanged contracts to buy 301-303 St Vincent Street out of administration last week.
The 1.5 acre site adjacent to the M8 was previously owned by Castlemore Securities before the company went into administration in February 2009. It has planning consent for 250,000 sq ft of offices, but Abstract has undertaken 13 weeks of pre-application discussions on developing an alternative scheme.
The site was put up for sale for around £3m earlier this summer by Cordatus, the firm charged with asset managing Castlemore’s properties by administrators at PricewaterhouseCoopers.