190 Trongate, which has lain empty for more than a decade, is undergoing a £1.5m refurbishment by Caledon Group.

The distinctive turreted Grade A listed building has been a feature of Trongate since it was built in 1903 and at one time housed the Royal Bank of Scotland. With a prominent location on the corner of Trongate and Glassford Street and directly opposite Marks & Spencer in Argyle Street, it is one of the city’s most centrally situated buildings.

The grey sandstone building is being restored to its former grandeur and will house eight serviced apartments when complete and a retail unit on the ground floor spanning 1,163 sq ft, with 721 sq ft of storage at basement level.

The apartments, which will be located over the first, second, third and fourth storeys, will range in size from 400 sq ft studios to 700 sq ft two bedroom properties. Half of the units have already been pre-sold and Destiny Scotland has been appointed to manage the serviced apartments.

The apartments and retail unit are expected to be complete in October 2015. The quoting rent for the retail unit is £60,000 per annum.

The redevelopment is one of the most high profile undertaken by Caledon Group, which is behind a number of major refurbishment projects in the city centre including the transformation of Telfer House, a 25,000 sq ft office block in the Merchant City into a new IBIS 101 bed hotel and Claremont House, a 96 bed student housing scheme in the Park area of Glasgow.

Property agents Cushman & Wakefield have been appointed to market the retail element of the building.

Assistant surveyor Victoria Campbell said: “This is a fantastic corner location for a retailer, opposite Marks & Spencer and very close to the busy Argyle Street train station. I am sure that this redevelopment will act as a catalyst for some of the other exciting projects being considered for this vibrant area of the city.”

Robbie Wotherspoon of Caledon Group said: “We have a fantastic track record for breathing new life back into properties and this finished building will be no exception. We will preserve many of the original features and secure a magnificent piece of the city’s heritage for future generations.”

190 Trongate has a long history – it was built on the site of Shawfield Mansion which was erected in 1711 and was the scene of an infamous riot in 1725 over a new tax on Scottish Malt. Glaswegians blamed Campbell who was an MP for the passing of the act and sacked the mansion.