M&S has now officially sold its former store building on Sauchiehall Street to developers.
The retailer which has a presence on the street for almost 90 years shut its doors in 2022 and embarked on getting permission to turn the site into student flats.
The company worked with Fusion Students on plans and eventually got permission from the council in the summer.
The landmark store, which has been vacant for more than two years has now been sold to the developer to take the plans forward.
The student flat plan will be one of the biggest transformations in the street bringing in hundreds of residents to the city centre and new retail space.
Work can now start on the £150m plan which involves housing for 619 students and new commercial space.
It is hoped the development can be a catalyst for further regeneration of the street which is currently undergoing a major upgrade with the Avenues project.
No date has been set for the start but the new owners said it is “step closer”.
Brodie Berman Senior Acquisitions Associate at Fusion Group said: “We are delighted to announce the acquisition of the former Marks & Spencer store, bringing us a step closer to delivering our exciting proposals that will kickstart the regeneration of Sauchiehall Street.
“This deal reflects the strong partnership we’ve built with Marks & Spencer, and we are grateful for their cooperation and positive engagement throughout the planning and acquisition process.
“This landmark development will not only help to address the city’s shortfall in student accommodation but will also revitalise the local area, and we are excited to see the positive impact it will have on the city.”
The retailer, which still has one large department store in the city centre, in Argyle Street said it had been keen to ensure the right owners for the site.
Will Smith, Property Director at Marks & Spencer said: “We are pleased to have reached this milestone and concluded the sale of our former Sauchiehall Street store.
“Delivering long-term activity on the site aligns with our estate renewal strategy, and we’ve worked hard to find the right partners to ensure its future success.
“We’re confident that Fusion Group’s vision will contribute positively to the regeneration of Sauchiehall Street and Glasgow city centre.”
The funding for the deal has been provided by finance firm Octopus
James Nunn from Octopus said: “This marks the third loan we have provided to Fusion, and we are delighted to have played a role in supporting this key urban renewable project.”
