Boutique hotel development opportunity on offer in Glasgow’s Merchant City
A Grade A listed building with planning permission to develop an 18-room boutique hotel is up for sale at the heart of Glasgow’s Merchant City.
The freehold interest of the circa 8,500 square foot property in Virginia Street, which dates back as far as 1760 and is emblematic of an era when Glasgow businessmen conducted lucrative commercial transactions with the American colonies, is for sale at offers over £1.33m.
The accommodation, arranged over five floors including basement, ground and three upper floors, benefits from an attractive courtyard to the rear. Within its current ownership, the building has been consistently maintained and upgraded since the early 1990s.
Full planning permission has been granted for bar and restaurant uses for the ground and basement as well for 18 boutique-style hotel rooms to be developed on the upper floors. Full information and plans are available here.
The premises have been approved for a provisional alcohol licence which also allows access for children. The licence details alcohol can be sold up to 1.00am where at least 75% of the floor area of the premises is given over to the provision of restaurant facilities.
Jonathan McManus, of DM Hall’s Glasgow-based commercial agency department, said: “This is a very attractive opportunity for developers/hoteliers who recognise the long-term ongoing development of the Merchant City as a highly appealing city centre hub.
“There is always room in the heart of Glasgow city centre for an attractive, upscale boutique hotel that promises not only to bring in local people but that will appeal also to the anticipated burgeoning, post-Covid-19 tourist and conference clientele. This could also be of interest for residential development and for serviced apartments.
“Notes of interest are invited for our clients heritable interest in the property at offers over £1.33m. Parties should register their interest in writing to DM Hall to be kept advised of any closing date which may be set for the receipt of offers.”