The seven storey category B listed red sandstone building on Ingram Street has been bought by Serge Holdings which plans to turn it into modern offices with commercial units on the ground floor and a gym in the basement.

The exterior of the building will be conserved and refurbished and the internal alterations will respect and enhance the architectural character of the listed building.

The property at 112 Ingram Street, which has lain empty since December 2012, lies within the Merchant City Central Conservation Area.

In March this year, City Property launched a marketing exercise for the 75,000sq ft building and received 21 offers.

Glasgow City Council decided to vacate the building as part of its Tomorrow’s Office rationalisation programme which resulted in it reducing its city centre property portfolio from 19 buildings down to six.

Councillor Liz Cameron, the city council’s jobs and the economy spokeswoman, told The Evening Times: “The sale of 112 Ingram Street, now surplus to council requirements, will bring a significant capital receipt to the public purse.

“The exciting proposals for this listed building include a new addition to the outstanding office space on offer in Glasgow, and represent another illustration of investor confidence in the city.”