Shepherd invites offers over £1.35M for iconic Teacher building in Glasgow’s St Enoch Square as prime city centre development opportunity
Shepherd Chartered Surveyors is bringing to market the iconic Teacher building at St Enoch Square, Glasgow for sale as a prime city centre development opportunity with offers over £1.35 million invited.
Built in 1875, and designed by architect James Boucher, known primarily for his involvement in the design of the Kibble Palace in Glasgow, the building is known affectionately to many Glaswegians as the Teacher building.
Built originally to house the headquarters, offices and dram shop of William Teacher & Sons, the building was ideally located across the Square from the St Enoch railway station and hotel which formed one of the main routes to the south and London St Pancras. More recently it was known as a conference centre for the Institute of Engineering and Technology.
The Teacher building is located in the heart of Glasgow city centre, occupying a prominent position on the western side of St. Enoch Square at the southern end of Buchanan Street, widely regarded as the best retailing thoroughfare outside of London.
Buchanan Street provides access to the city’s shopping and leisure amenities with excellent connectivity to public transport links such as Glasgow Queen Street and Central Station which are located a short distance away. St. Enoch Square Station is positioned immediately adjacent to the property, providing access to Glasgow’s underground.
Located immediately opposite the property is St. Enoch Square shopping centre, one of the main shopping outlets within the city centre and providing some 900 car parking spaces. The St. Enoch Centre is currently undergoing a substantial refurb at a cost of £40 million, including a new Vue Cinema and food court.
The surrounding area has also witnessed significant investment and development activity, including: a new Premier Inn on St Enoch Square with 249 beds and a Wetherspoons public house and a new 294 bed 4-star Clayton Hotel on the riverside site of the former Custom House, which Shepherd sold following a closing date in 2019. Also nearby on Clyde Street is the new 242 bed Virgin Hotel which is expected to open next year.
Steve Barnett, managing partner at Shepherd, said: “Representing a prime city centre development opportunity for the consented bar, restaurant and serviced apartment consent, the Teacher building also offers an excellent opportunity for an occupier or office investor to acquire a well-appointed landmark office HQ in an improving location suitable for immediate occupation.”
The category B listed building extends over basement, ground and four upper floors. The 18,490 sq ft property is currently configured as office accommodation. The basement comprises a mix of kitchen and plant rooms whilst the ground floor extends to a reception area and private office accommodation. The first floor consists of a large 125 seat auditorium with kitchen/bar area. The second, third and fourth floors provide a combination of open plan and cellular office space.
“Last year, the building was granted planning permission to create a ground floor restaurant and bar with capacity for 101 covers and a further 110 bar capacity with outside seating areas,” said Mr Barnett.
“The consent also permits the upper floors to be redeveloped to create 25 serviced apartments.
“The proposed consent for bar/restaurant use at ground and basement floor levels sits well with the density of other hospitality businesses in the surrounding area and will be well served from the adjacent St Enoch Shopping Centre, the St Enoch subway station and the new hotel developments nearing completion.”
“As a firm, we have been closely involved in various transactions in St Enoch Square itself together with other key developments within surrounding areas over recent years. As such, we have in-depth knowledge and experience of the demand for commercial development opportunities in this popular and improving location.”
Interested parties should contact the sole selling agent for further details on tel 0141 331 2807.
For further information please contact Steve Barnett on tel 0141 331 2807