Property built as Glasgow’s first power station changes hands
A 94-bedroom hotel in Glasgow city centre has been sold in a £14.5 million deal.
The four-star Hotel Indigo Glasgow and Marco Pierre White Steakhouse Bar & Grill restaurant, which occupies a corner site at the junction of Waterloo Street and Blythswood Street, was sold by Maven Property to a pension fund, which in turn leased the property to Singapore-listed real estate firm Heeton Holdings.
Heeton will continue to operate the hotel under the Hotel Indigo brand with a franchise agreement from brand owner InterContinental Hotels.
The Victorian building has a place in Glaswegian history, having been originally constructed to house the city’s first power station. It was converted from offices into a hotel in 2010.
This historical landmark building is located in the heart of one of the UK’s most vibrant cities.
The property is said to benefit from good transport links, being a short walk from the city’s two main train stations, and incorporates a cocktail bar and guest gym.
Ramsay Duff, investment director at previous owner Maven Property, said: “This historical landmark building is located in the heart of one of the UK’s most vibrant and cosmopolitan cities.
“The city remains one of the best performing hotel markets in the UK, however there have been relatively few hotel transactions in the city and it has been gratifying to see the level of interest in the Indigo.”
Maven Property has been active on Waterloo Street recently having also managed the £11.25 million redevelopment of the Ibis Styles Glasgow Centre West hotel, which opened this year after conversion from an empty 1960’s office block.