German fund manager IVG Immobilien has bought its first development site in Glasgow.
It has bought the 104,000 sq ft (9,661 sq m) estate that was formerly home to Scottish
Television Studios and is planning a mixed-use development that will cost an estimated £73.3m.
IVG will begin building 270,000 sq ft (22,400 sq m) of office space in November this year, along with a retail and residential element.
The development will be undertaken with property developer Ediston Properties, founded by former Standard Life employees Ken Barrett and Danny O’Neil.
David Gibson, managing director of IVG Asticus, said: ‘This purchase represents a further step forward for us in expanding our development portfolio out of Central London and the South East and into the UK regions.
‘We see Glasgow as an exciting city full of potential, with a real can-do attitude, and hence chose it to become the first of many UK-wide opportunities we are looking to invest and develop.’
Scottish Architects Cooper Cromar are designing the scheme.