£900,000 deal boosts hotel plan

10 Sep 2007

Evening Times, by Ross McKinnon

PLANS for a five-star hotel and offices near Glasgow's waterfront have taken a major step forward with the £900,000 buy-up of a derelict site key to the development.

Glasgow City Council has sold the area of land it owned near the Broomielaw to Scottish Enterprise Glasgow.

The 700sq metre plot on McAlpine Street can now be developed along with an adjoining site four times its size. That is already owned by Scottish Enterprise.

This will pave the way for a project described as "one of the final pieces of the jigsaw" in Glasgow's Wall Street - the International Financial Services District.

Scottish Enterprise is talking to "several major hotel groups" over the site. Detailed plans, along with a final decision, will be made in November.

A spokesman said: "The development is not dependent on this piece of ground, but it will be enhanced by this additional land."

Property agent Colliers CRE is acting on behalf of Scottish Enterprise to sell the plot - including the previously owned council land - and said the preferred option is a five-star hotel, with up to 200 rooms.

The £870,000 sale of the council land was approved by the executive committee on Friday.

Councillor George Ryan, executive member for development and regeneration at the council, said: "The International Financial Services District has been a key part of Glasgow's continuing regeneration success.

"Making this space - adjacent to the land currently owned by Scottish Enterprise Glasgow - available will make it an even more attractive site for developers.

"This is the best solution. The council is getting full market value for the land and Glasgow is seeing another part of the riverside being developed."

 

Reproduced with the permission of the Evening Times (Glasgow) © Newsquest (Herald & Times) Ltd.

  • View from the south bank of the IFSD on the Broomielaw

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