The comments from Brendan Kerr, in his first interview with the Scottish media, came as new figures provided by property firm Lismore Real Estate Advisors reveal that £117.13m of commercial property investment deals have been concluded in Glasgow city centre so far this year. The total value of deals in Glasgow city centre came in at £67.225m in the first quarter, compared with £52.39m in the same period of 2025, and £48.477m in the opening three months of 2024.
Mr Kerr said while Keltbray has worked in Scotland before, including Edinburgh, it views “Glasgow in particular as a bit of a sleeping giant”.
Commenting on the potential Glasgow holds, Mr Kerr: “It has been down on its luck quite a bit and I think it’s been lagging behind and it’s got great potential. A potential that is untapped and needs to be invested in. The opportunity for growth and also for local employment and for training is phenomenal.”
Mr Kerr, whose firm has largely operated in the south-east of England to date, added: “We’ve been now four to five years involved in looking at some very key redevelopment in the Finnieston area, in terms of some student accommodation and some BTR (build to rent). And again, we think Chinatown is a great opportunity. We’ve been speaking to the Chinese community now for several years and we see it as a great opportunity for our development.
“We recently bought Dundas Court [in Glasgow] as our Scottish headquarters. We also see other opportunities in the country with regards to energy transmission, and we want to gear ourselves up on the contracting side for that also. But predominantly, we want to be here in Glasgow.
“Glasgow’s regeneration has been behind the curve, and we want to be front and centre of it. And I’m originally from Belfast myself, so it’s not that far from Glasgow, so I’ve got a great affinity with this part of the world also.”
While Glasgow city centre continues to show visible signs of decay, not least stemming from the devastating Union Square fire earlier this year, and there remain significant social problems to overcome, the figures from Lismore underline the potential developers are seeing in Glasgow from an investment perspective.
This is reinforced by a series of major projects currently in the works, including plans to transform the Charing Cross area, the redevelopment of George Square and the revamp of Buchanan Galleries.
Major strides are being taken by The Avenues project, which is improving the landscape of key thoroughfares, while significant work is under way to address the challenges facing the city’s night-time economy.
Asked to assess the current fortunes of the city centre, and whether there are reasons to be optimistic, Chris Macfarlane, director of Lismore Real Estate Advisors said: “Like most regional cities in the UK, Glasgow has taken some time to recover from the effects of Covid.
“There are signs that office occupancy rates are rising, which will help with vibrancy and help to restore some buzz.
“The works on Sauchiehall Street, George Square and now Gordon Street don’t help the flow of the city at the moment but once complete, these should help create a better cityscape and help to create a more inviting urban hub.
“In terms of optimism, the demand for retail space is holding up well, with new arrivals on Argyle Street and Buchanan Street proving that if the right space becomes available then Glasgow remains an attractive retailing centre for national and international brands.”
Mr Macfarlane added: “The Land Securities redevelopment of Buchanan Galleries (adding a new food hall and reconfigured retail units) will be a welcome fillip to the northern end of Buchanan Street. The pre-letting interest is positive and will further drive footfall in the area. This in addition to the Lujo [Properties] re-purposing of the former Clydesdale Bank on St Vincent Place (occupier – The Ivy Asia) will also add some variety and vibrancy to the restaurant offer.”
David Cobban, head of the Glasgow office at property giant Savills, offered a similar view, declaring that there are “definitely reasons to be optimistic” about the city.
“We are seeing development in the city, including the long-awaited public realm works to Argyle Street and George Square, and there are a number of office refurbishments completing and under way, adding much needed quality office stock,” Mr Cobban told The Herald.
“The short-term disruption caused by the public realm works will be worth it.”
He added: “We are managing to deliver a private residential for sale scheme in the city which I believe is the first one since we sold the Buchanan Gardens development by LandSec. I am also pleased to see offices being refurbished as we badly need upgraded offer stock to create opportunities for occupier to move. ”