The 150,000 sq ft office building, previously housed Scottish titles including the Daily Record, Glasgow Live, Sunday Mail and Scottish Daily Mirror.

Situated at Anderston Quay on the north bank of the River Clyde, the 2-acre site is formed of basement, ground and two upper floors, with 220 basement car parking spaces and 36 additional spaces at ground level.

Specifics of the redevelopment remain under wraps.

Downing operates sites that span the length of the country, including London, Manchester, Edinburgh, Newcastle, Bristol and Liverpool. The developer already operates two thriving PBSA sites in Glasgow, West Village and West View student halls, which are based just five minutes’ walk away from the University of Glasgow.

The acquisition builds on recent acquisitions in Brighton, London, Bristol and Newcastle and allows for significant future expansion of the Downing portfolio.

Paul Houghton, director at Downing, said: “This prime waterfront site presented an exceptional opportunity for us with many possibilities, and we are very excited to embark on transforming the site into something special. Our expansion in Glasgow is a vital part of our strategic growth plans and we are thrilled to be developing such an iconic site in the heart of the city.”