ONE OF Scotland’s architectural masterpieces, hailed as the country’s “most extraordinary commercial buildings of its time,” is to be preserved after an eight-year drive by its Dundee-based owners.

City firm Union Street Properties (USP) said the £3.7 million first phase of a project to return Alexander “Greek” Thomson’s Egyptian Halls in Glasgow to commercial sustainability is proceeding to tender.

Once the tender is completed, owners and developers USP, in conjunction with Glasgow City Council and Historic Scotland, will finalise the legal agreements underpinning the scheme.

Works on the site, opposite Central Station in Union Street, are scheduled to begin in the spring, with completion anticipated by November 2008.

Director Derek Souter said, “This is a building of international significance and, with the project stakeholders, USP has worked tirelessly to create the environment to allow the envisaged project to succeed.

“USP directors Duncan Souter, Kelvin Kerr and I have committed nearly £3 million to this project over the past eight years as we’ve built our controlling interest, from six owners down to one, so crucial to delivering this project.”

Built in 1871, the 27,000sq-ft hall is regarded as the finest commercial building by Thomson, who spearheaded the Victorian revival of Greek and Egyptian design. Besides providing fine shopping, it was used for concerts, art exhibitions and elegant teas. However, much of the building has lain empty for years.

Agency partner at Donaldsons chartered surveyors, John Menzies, said, “Egyptian Halls is an excellent opportunity for Union Street to begin to return to its former glories. It could act as a catalyst to more investment in the area.”