The scheme has existing consent to build 821 rental homes and 681 purpose-built student accommodation units on the 7.5-acre site behind High Street rail station, which was the original location of Glasgow University, the Hunterian Museum and later became the goods yard of the City of Glasgow Union Railway Company.

However, Get Living put the development on hold last year, citing the Scottish Government’s rent control policy and market conditions.

The company said the proceeds of the sale will strengthen its balance sheet and allow for effective recycling of capital within the portfolio. The business has a committed development portfolio with neighbourhoods in Lewisham, Leatherhead and Birmingham due to launch within the next 12 months, and one of the capital’s major regeneration projects at Elephant & Castle due to launch in 2026.

Get Living chief executive, Rick de Blaby, said: “The disposal of the Glasgow site is the result of a review of our development strategy, enabling us to recycle capital into our operational and development assets, within which we have four schemes launching in the next two years.

“We wish Galliard Apsley Partnership and the city of Glasgow every success in their development of this important site.”

Galliard Apsley Partnership, a joint venture between Galliard Homes and Apsley House Capital focusing on large-scale brownfield regeneration, was formed to pursue residential-led developments in Birmingham, Bristol and now Glasgow.

Apsley House Capital chairman, Gerard Nock, said: “Throughout history, the site has played an important part in the development of Glasgow and Merchant City.

“Strategically located and well connected, we will submit a new application that will bring the site back to life and enhance the local area with a design-led urban scheme that provides a mix of tenures, increased connectivity, and high-quality public realm to benefit residents and the public.”

Stephen Conway, CEO and executive chairman of Galliard Homes, added: “We are delighted with this significant development in Glasgow, a city with a rich heritage and vibrant future. This site aligns perfectly with our vision of turning urban spaces into thriving communities. Together with Apsley House Capital, we are committed to delivering a high-quality, mixed-use development, providing much-needed rental and student housing.”