Marlebone and Scottish Enterprise has launched a showpiece 500,000sq ft mixed-use development site in Glasgow's International Financial Services District (IFSD).

The 1.69-acre Washington Exchange on the city's Broomielaw is available to be developed in phases for a wide variety of potential uses including offices, leisure facilities, new homes and a hotel.

The investment of the entire development could reach £220m.

Negotiations are currently progressing with high-profile London-based funders, and a shortlist of developers has already been drawn up.

Glasgow City Council had previously granted planning permission for Marlebone's £100m 65 Washington Street development. This would include 250,000sq ft of Grade A office space, 20,000 sq ft of retail space and 25 residential apartments.

The site, located in the heart of the IFSD, will feature around 70m of frontage onto the River Clyde.

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By joining forces, Marlebone and Scottish Enterprise have now launched a pre-let development opportunity for the whole 1.69-acre site, which could potentially see 500,000 sq ft of mixed use, large scale space developed in a spectacular river-front location. It is anticipated the entire development, once complete, could support more than 3,000 jobs and enhance the IFSD's ability to attract high quality new jobs, and create a heart for further investment into the sought after business quarter.

Patsy Hyslop, Marketing Director of Marlebone, who is backing the scheme, said: "It is clear there remains a shortage of Grade A office space in Glasgow city centre and Washington Exchange can go some way towards addressing that.

"We have been working tremendously hard with our partners at Scottish Enterprise over a period of many months to ensure the site can be offered to potential occupiers, particularly those who would benefit from locating within the International Financial Services District.

"We are committed to making this project a success and have already been in discussions with parties interested in working with us to create a stunning development which will become a landmark location for Glasgow."

The development site comprises Washington Street on the west boundary and McAlpine Street to the east. Although the site has flexible potential, the outline planning consent granted to the 65 Washington Street portion has allowed for development up to 17 storeys (66m) in height at its tallest.

Phil Reid Associates and DTZ have been appointed as agents on the Washington Exchange project.

(JP/CD)