New owner plans to ‘re-energise’ one of Glasgow’s most historic commercial buildings

Situated on Stockwell Street, off Trongate, Granite House was constructed in 1892 as a drapery warehouse. Its distinguished architecture and prominent location make it a key asset within the city’s core.

The latest MCR deal forms part of the group’s extensive 2025 investment activity in Scotland, with a gross development value of more than £70 million across Scottish acquisitions this year following the recent purchases of Broadway Park in Edinburgh and City Park in Glasgow. Financial details surrounding the off-market acquisition of Granite House have not been disclosed.

MCR said it plans to “re-energise” the building as a mixed-use destination, incorporating modern workspace, residential elements and ground-floor retail. The group pointed to “strong interest” from retailers for the ground-floor units, underlining Granite House’s commercial appeal and future potential once repositioned.

Nick Lake, fund director at MCR Property Group, said: “Granite House is an iconic Glasgow building with enormous potential to contribute meaningfully to the city’s next chapter. Securing this off-market opportunity underscores our confidence in Glasgow and our long-term strategy across Scotland.

“We look forward to working with the council to deliver a high-quality scheme that blends commercial activity with modern city-centre living.”

The acquisition adds to MCR Property Group’s expanding Scottish holdings, which include the Pentagon Centre on Washington Street, City Park in Glasgow, and Broadway Park in Edinburgh. Bosses said those strategic investments demonstrated the company’s “ongoing commitment to supporting economic and cultural renewal across Scotland’s major cities”.

The Granite House deal comes at the end of a record year for MCR Property Group, with activity almost triple that of 2024. Backed by a £250m funding facility, the group expects several further completions before the close of 2025, rounding off what it said had been a “landmark year of strategic growth and strong market confidence”.

The firm, which has an office in Glasgow, was an early pioneer of purpose-built student accommodation (PBSA) in Manchester during the early 2000s. While its Manchester holdings have since been successfully exited, MCR continues to build on this legacy with new PBSA investments UK-wide.