'Selfridges' site snapped up in deal for new development

SELFRIDGES has sold the Merchant City site it had earmarked for a £90million store.

Loading Comments
Share
Print
Selfridges has sold its Merchant City site
Selfridges has sold its Merchant City site

The company bought the substantial plot 12 years ago but since then it has been ­lying derelict.

It has now sold it to a joint venture which plans to build high quality flats and shops.

Candleriggs is a 50/50 project between the investment arm of Mace and funds managed by Mercer Real Estate Partners.

The partnership intends to submit a planning application for the site by the end of this year and will talk to ­people and businesses to find our their views.

Mike Miles, development director of Mace, said: "We are incredibly excited to have acquired the site and we look forward to developing proposals in conjunction with Glasgow City Council and local stakeholders.

"We are fully committed to developing a high class scheme that will positively contribute to the Merchant City."

David Grover, chief operating officer of investment for Mace, said: "Glasgow is ­undergoing a huge transformation at the moment and we are delighted to be working on such a great project.

"The investment compliments our wider portfolio of projects around the UK focused on mixed use urban regeneration and we will be bringing our expertise to this development."

In the past, Selfridges blamed the world-wide economic downturn for the decision not to press ahead with a store in the Merchant City.

A spokesman for the ­upmarket company said: "The decision was taken to find an appropriate buyer with an exciting and cohesive vision for the redevelopment of such a large site.

"We are confident we have selected the right purchaser and look forward to seeing the proposals developed by the Candleriggs team."

City council leader Gordon Matheson, who represents the Merchant City area, welcomed the decision to sell the site.

He said: "It's great news plans for the redevelopment of the Candleriggs site are now progressing.

"Local residents and businesses are delighted the site has been cleared over recent weeks and are looking forward to seeing it brought back to life.

"The plans for the Candleriggs site will, I am sure, be of the very highest quality and very exciting.

"The council and the local community will look forward to working with Mace and Mercer Real Estate Partners on their plans, which when complete will strengthen Merchant City's position as a jewel in Glasgow's crown."

Glasgow Chamber of Commerce chief executive Stuart Patrick said: "Over a decade has passed since Selfridges bought this site and the Merchant City could ill afford to have such a substantial and important parcel of land ­unused and unproductive.

"It is good news for Glasgow city centre that the development plans will bring more people to live there and contribute to the vibrancy and economy of the area - as well as add to its retail offering."

vivienne.nicoll@eveningtimes.co.uk

Business

Commenting & Moderation

We moderate all comments on Evening Times on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

166455

Have you got a story?

Contact the news desk on 0141 302 6520 or email news@eveningtimes.co.uk
A weekly round up of social highlights

A weekly round up of social highlights

Cat's Eyes on Glasgow

SPOTY, Cinderella at the SECC and festive things to do.

Times Out

Entertainment

Lifestyle

TV Advert
Gail’s Gab

Gail’s Gab

Gail Sheridan is a mother-of-one and wife to Tommy and she likes to get political with the hot topic of the week in her column Gail’s Gab.

Michelle McManus

Michelle McManus

Sussed in the City

What a year for me...it’s a wonderful life!

Janice Bell

Janice Bell

You couldn’t make up half the stuff that happens to PA Janice Bell- some of the jams she gets herself into are worth a story or two.