Perfectly located for hotel use, Artisan acquired these buildings on St Vincent Street, Glasgow in July 2019. Discussions were held with a number of hotel operators prior to the acquisition, with a preferred operator selected and heads of terms now agreed.
Planning has progressed on this project, with the application expected to be submitted in early 2020 for a 255-bed hotel development, and negotiations are underway with forward funds in order to secure an exit for participators as early as possible whilst locking in an attractive yield in light of the existing hotel market performance in the city.
Subject to planning, it is anticipated that the development will be completed over the course of a two-year construction programme with practical completion in Q2 2023.
DougraySmith acted for Artisan