HISTORIC Merchant City Building With Hotel Consent Is On The Market

6 November, 2020 | Hotels, Listed / Historic Buildings

A GRADE-A listed Merchant City building with planning permission for an 18-room boutique hotel has been put up for sale.

Chartered surveyors DM Hall is marketing the property in Virginia Street, which dates back to 1760 and is commonly known as The Jacobean Building.

The freehold interest of the circa 8,500 square foot building is for sale at offers over £1.33million.

The accommodation is arranged over five floors — basement, ground and three upper floors — and has a rear courtyard.

Within its current ownership, the building has been consistently maintained and upgraded since the early 1990s.

Full planning permission is in place for bar and restaurant uses for the ground and basement as well for boutique-style hotel rooms to be developed on the upper floors.

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 1am where at least 75 per cent 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.”

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