AN opportunity to develop a contemporary hotel in Glasgow city centre is said to have arisen.
Property agent Jones Lang LaSalle has been appointed to market Central House, at 50-58 Jamaica Street, on behalf of joint receivers Alan Brown and David Chubb of accountancy firm PricewaterhouseCoopers LLP.
Planning consent has already been granted for a 122-bedroom conversion of the current hotel, which includes generous room sizes as well as service areas on the ground and first floors.
Steven Fyfe of Jones Lang LaSalle said the property “represents an exceptional opportunity” for interested parties to develop a contemporary hotel.
“Central House is located adjacent to Glasgow Central Station and close to St Enoch Centre, Buchanan Street and the International Financial Services District.
“With the quality of the location, this property could be adapted for a variety of uses subject to obtaining the necessary planning consent and presents a real opportunity for buyers.”
The agent has not set an asking price for the hotel, but is seeking offers for the property’s freehold interest.
The service area at the rear of the hotel is subject to a ground lease.
The Central Hotel was put on the market after its parent company, City Site Investments, entered receivership earlier this year.
Staying in Glasgow, Jones Lang LaSalle is also marketing the former Old Printworks pub at 36 North Frederick Street, on the edge of the Strathclyde University campus.
A prominent site close to George Square, Queen Street Station and Glasgow city centre, the property consists of four floors and an attic area.
Jones Lang LaSalle is seeking offers over £700,000 for the freehold.
The property has been granted full planning and listed building consent for use as a hotel and public house, though the agent said buyers may wish to amend the consent in order to increase the number of letting bedrooms. A copy of the planning consent is available from Jones Lang LaSalle.
Fyfe said the building “offers excellent development potential”.
“The property has been realistically priced to reflect the current condition and offers an opportunity to operators and developers,” he added.
“A purchase at the asking price equates to £20,000 per room, which in today’s market represents exceptional value and an opportunity to provide a purchaser with a significant return on investment.”
