Singly ionized lutetium has a number of fortuitous properties well suited for a design of an optical clock and corresponding applications. In this work, we study Lu+ properties relevant to a development of the clock using the relativistic high-precision method combining configuration interaction and the linearized coupled-cluster approaches. The systematic effects due to interaction of an external electric-field gradient with the quadrupole moment and the dynamic correction to the blackbody radiation shift are studied and uncertainties are estimated. The value of the 5d6s(1)D(2) polarizability is predicted. We also demonstrate that Lu+ is a good candidate to search for variation of the fine-structure constant.