Cash strapped Strathclyde Uni put £1.3M Glasgow townhouse up for sale
dailyrecord.co.ukOne of Scotland’s top universities is selling its £380,000-a-year principal’s plush official residence amid rumours of a financial crisis.Strathclyde put Sir Jim McDonald’s Glasgow townhouse up for sale earlier this month for £1.3million.The sum is close to what it paid for the property in 2013 before giving it a controversial £350,000 makeover.At the time, officials claimed it would be a “long-term investment” but the Sunday Mail understands it is now being sold due to financial pressures.A report from accountancy giant PwC warned fall-ing international student numbers and rising wage bills have left universities facing a perfect storm.
It said 10 of Scotland’s 15 universities are at risk of falling into a financial deficit by 2027.A source said: “The principal’s townhouse now looks like an extravagant purchase which can no longer be justified.
It’s a beautiful property and eye-watering sums were spent on furnishings and renovation at the time. There are a number of other teaching buildings in the city which are being mothballed. “The university is adamant this is nothing to do with financial pressure but everyone knows that costs have to be cut because the money just isn’t coming in like it was 10 years ago when Strathclyde and others embarked on major new building programmes. |The problem is that for various reasons – Brexit being the most obvious one – there is not the same volume of foreign students arriving to pay high fees for a respected Scottish degree. “Many Scottish young people are also realising going to university is often likely to result in a huge amount of debt and worse job prospects than other options such as apprenticeships and vocational college courses.
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