COUNCIL bosses have agreed to sell a car park in Glasgow’s Merchant City to local authority contractors who plan to redevelop the site.

Glasgow City Council will dispose of the land at 69-97 Ingram Street to City Property Glasgow in exchange for £3.5million.

But it is not yet clear what the exact plans for the spot are.

A document submitted to the contracts and property committee said plans included a “mixed-use” development.

The local authority was previously advised by GVA Grimley Limited the current market value of the site, which is within the Merchant City conservation area, was £4m.

While located near Albion Street and Candleriggs the main access to the surface level pay and display car park is on Ingram Street.

It is subject to a monthly lease to the National Car Parks Limited at £81,960.

This is not the first-time proposals have emerged for a new use of the area.

In October 2015 the executive committee approved the proposed sale of the site to Merchant Hotel Glasgow Limited.

The developer had planned to create a high quality 395-bedroom hotel with two ground floor entrances, four restaurants, a bar and a coffee shop.

Details of the sale were concluded and building could begin following satisfactory site investigations and inspections.

The developer had planned to create a hotel with greater height and density than ­planning would allow and as a result the sale fell through.

Since then the council has been in discussion with the development and regeneration services as well as property and land services to explore the possibility of selling the land to City Property Glasgow.

All parties have agreed the site could be a key ­opportunity to create a mixed development.

Despite these plans the council does not have complete ownership of the site.

A small area of 105 square metres is owned by the Queen’s and Lords Treasurer’s Remembrancer (QLTR).

The plans were discussed at yesterday’s contracts and property committee.

Councillor Jon Molyneux asked: “Who are the Queen’s and Lords Treasurer’s Remembrancer and do they represent Her Majesty’s interests in Scotland?

“Do they generate a receipt for this does that go to Her Majesty?”

A spokesperson from Glasgow City Council said: “No they don’t – they are an agency that deal with residual ­property where there is no trace of ownership.

“It is completely separate to the crown estate and is not connected.”