Artisan acquired the St Enoch Quarter property in Q4 2017 and secured planning consent for a 450-bedroom hotel development in Q2 2018.
Ideally located for hotel operators and within walking distance of multiple train stations, construction is currently underway to deliver this Clyde waterfront site in Glasgow. This high-profile regeneration project retains and sympathetically restores the 100-year-old listed building, which holds historical significance for the city, adding complexity during the planning process.
The process was de-risked as far as possible for participators during the planning period by securing long leases from both strong covenanted hotel operators and concluding an institutional forward sale agreement, thereby locking in attractive yields and a certain exit with a GDV of £77m. Completion of this project is expected in November 2021.
DougraySmith acted for Artisan