The Custom House hotel development site in Glasgow city centre has been sold to property development and investment company Artisan Real Estate Investors for a sum "significantly above" the asking price of £1.75m.
The Grade A-listed Custom House and adjoining land on Dixon Street and Clyde Street overlooking the River Clyde has planning consent for development of a 14-storey, new build, 209-bedroom hotel, including a restaurant and bar, conference and meeting facilities, and gym and leisure facilities.
Anne O'Keefe and Elizabeth Mackay of AlixPartners, administrators of Ashcap, the original developer which went into administration; Shepherd Chartered Surveyors; and property advisory firm Dougray Smith were all involved in the sale. The original scheme made provision for the hotel to be operated under Hilton's DoubleTree brand.
The wider area, including Custom House Quay, Custom House Gardens and Carrick Quay, form part of a scheme to transform the waterfront into a mixed-use development comprising hotels, designer retailers, luxury flats and a 24-hour promenade including restaurants and bars.
Designed by customs officer John Taylor and opened in 1840, the presently vacant Custom House was once an operational customs office and was more recently occupied by the Procurator Fiscal Service.
Artisan chief executive Jaco Jansen said: "We are delighted to expand our footprint in Glasgow. Securing another high-quality regeneration opportunity in such an excellent location fits our model perfectly."
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