Belcarra acquired 450 Argyle Street in an off-market transaction from a family office in a distressed position. The purchase was completed at pace, enabling us to secure a strategically located city-centre site at a compelling basis and immediately begin exploring its redevelopment potential.
Following acquisition, Belcarra undertook a rapid but comprehensive technical review. This included structural assessments, feasibility testing for office refurbishment, and evaluation of alternative uses including residential, hotel, and mixed-use options. Our early-stage work confirmed the building’s limitations as a modern office product but revealed strong potential for a high-quality Build to Rent (BTR) scheme aligned with Glasgow’s housing needs and the city’s emerging planning direction.
The strategic direction for 450 Argyle sharpened considerably as the national regulatory environment evolved. The removal of rent caps in Scotland and the impact of the Building Safety Act and Renters’ Rights Act in England position Glasgow as an investable landscape for professionally managed rental housing.
At the same time, Glasgow City Council reaffirmed this part of the city centre as a priority location for tall buildings, opening the door for a residential-led redevelopment that could deliver meaningful height, density, and long-term social and economic benefit.
These combined factors materially strengthened the planning outlook for a BTR scheme and enabled Belcarra to progress confidently toward a residential-led redevelopment strategy.
We are now advancing a formal pre-application process with Glasgow City Council to test and refine proposals for a c. 275-unit Build to Rent development.