Owners, Peel L&P has gifted the structure, also known as the Stobcross Crane, to Big Cran Co to help accelerate the plans to transform one of Scotland’s best-known landmarks into a major visitor attraction.

The £7 million proposal would see a restaurant, visitor centre and museum built at the Finnieston Crane on the banks of the River Clyde. The scheme will create 50 jobs and help accelerate the economic revival in the hospitality sector.

Brian Lavalette, Peel L&P’s property director for Scotland, said: “We’re proud to be supporting the Big Cran Co with their plans to transform this fantastic reminder of Glasgow’s engineering heritage into a space for the local community and beyond to enjoy in the future.

“Our vision at Glasgow Waters is to create a sustainable environment for local people to enjoy, and we believe the Big Cran Co’s project will be a big part of bringing tourism and interest to the area.”

With the vision to become a major retail, leisure and tourism destination on the Clyde, Glasgow Waters will complement, support and revive the surrounding area. The masterplan involves a substantial investment in infrastructure, the creation of hundreds of waterfront homes, retail and leisure opportunities, as well as a commercial district.

The Scottish Government’s Clyde Mission initiative is providing £452,000 funding towards the project.

Economy secretary Fiona Hyslop said: “The Finnieston Crane is an iconic stalwart of the Glasgow skyline and one that reminds us of the river’s rich history. This is an exciting project, supported by the Scottish Government through our Clyde Mission, which will support the area’s post-coronavirus recovery, create jobs and attract visitors to learn about the Clyde’s heritage.”

Allan Wilson, chairman of the Big Cran Co CIC, said: “We are extremely grateful for the additional funding support being provided by Peel L&P towards essential repairs of the crane. This investment in the crane’s future sustainability will assist our efforts to convert the crane and its immediate environs into a state-of-the-art visitor attraction on the Clyde and will complement the substantial Glasgow Waters development further downstream.

“The funding support from both Clyde Mission and Peel L&P will enable us to embark on phase one of our transformational plans for the crane and help us in creating new employment and training opportunities for local people, as we focus on the crane’s role in the local economy’s post-covid recovery.”