River Kelvin below the Kelvin Aqueduct.
The chimney and the further buildings were part of Kelvindale Paper Mill, the largest and last-surviving paper mill in the city. It closed around this time. The mill was founded in 1746 and was of course powered by water for many years, with the V-shaped weir on the right supplying the water to a large lade. The weir is still there, though not the iron footbridge which gave access to it for clearing debris from the corners. I have no confirmation that the riverside ruins were part of the mill complex but it seems very likely.