A £40 million co-living building will provide Glasgow city centre with a gateway to the Merchant City and a focal point for regeneration of the East End. The Merchant Point, which is located at the corner of the High Street and George Street, will include shops, restaurants, offices, and 401 private rent bedrooms for young professionals and students.

Structured House Group (SHG) is behind the plans of the new development that will provide a boost to the local economy, as well as much needed accommodation. The 12 storey building on the site still awaits approval by the members of the Glasgow City Council’s planning applications committee, which will meet and discuss in May.

“Merchant Point will be a visible manifestation of the great work that is going on in the East End to help it reach its full potential. It will be a community in itself, with retail, leisure and business functions, all generating additional income for the area,” said Craig Inglis, Chief Executive of SHG.

The plans include a commitment to retain a refurbished version of the Old College Bar and to reproduce its current interior in an identical form. The complex will feature eateries and retail outlets, as well as co-working offices where local businesses and university start-ups can utilise the space and raise startup capital.

“There has been a lot of publicity around this proposal because of the bar but that has overlooked what a fantastic addition this will be to the city centre and to the local economy,” explained Craig. “As a Glasgow-based company, we have enormous respect for the city’s built heritage and the important place The Old College Bar holds in its history.

Additionally, new businesses will benefit from a £250,000 social entrepreneur fund and free use of office space and other facilities, which will help them become established.