DM Hall has revealed it is marketing a ‘rare opportunity’ to acquire a Grade A-listed building in Virginia Street with planning permission to develop an 18-room boutique hotel in Glasgow’s Merchant City area.
The freehold interest of the circa 8,500 square foot property, which dates back to 1760, is up for sale at offers over £1.33 million.
The accommodation, set over five floors, is described as having been consistently maintained and upgraded since the early 1990s.
Full planning permission has been granted for bar and restaurant uses for the ground and basement as well as 18 boutique-style hotel rooms to be developed on the upper floors.
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.”