The former John Watson & Company print works at Kyle Street, just north of Glasgow city centre, is to be re-developed as student accommodation and office space following its sale by DM Hall, one of Scotland’s leading independent firms of chartered surveyors, to developers, Watkin Jones, a recognised leader in student accommodation developments.
The planned development at Kyle, Calgary and Stafford Streets, which will comprise student accommodation as well as office and commercial units and car parking spaces, sits on a 0.85 Acre site a short distance from Buchanan Street Bus Station. It is also in close proximity to the campuses of Glasgow Caledonian and Strathclyde universities.
The site has become available for sale as a result of John Watson & Company’s move to a new-build Centre of Excellence in Clydebank under the control of its new owners, Multi-Colour Corporation which is headquartered in Ohio, USA.
John Watson OBE, former owner of the business, said: “We operated very successfully from Kyle Street since the early 1970s, so its sale represents the end of an era. On the other hand, it please me greatly that the site will be re-born as student accommodation serving what will be the next generation of educated business people in Glasgow and the rest of the country.”
Jim Gray of Watkin Jones said: “We are very pleased to have secured this key site and look forward to its redevelopment and completion by August 2019, ready to accommodate some of the student intake for the academic year, 2019-2020.”
Graeme Todd of DM Hall, who oversaw the sale, said: “The property was sold at a closing date with 7 offers generated by a marketing campaign which had the benefit of an existing planning consent for a student accommodation development. The top offer came from Watkin Jones.
“Whilst there is much talk and debate about continuing demand for student accommodation development, our marketing of Kyle Street generated considerable interest, particularly as the site had so much to commend it, being close to the city centre, the motorway and a short walking distance from major bus and rail links.
“The proof of positive demand in the right location is that the purchaser/ developer, Watkin Jones, has just completed a student accommodation development, known as Dobbies Point, in close proximity at North Hanover Street.”