The Custom House development site in Glasgow city centre to has been sold to property development and investment company Artisan Real Estate Investors for a sum “significantly above” the asking price of £1.75 million.
The Grade A-Listed Custom House and adjoining land situated on Dixon Street and Clyde Street overlooking Glasgow’s waterfront has planning consent for development of a 14 storey new build 209 room full-service hotel development incorporating a restaurant and bar, conference and meeting facilities, and gym and leisure facilities.
Artisan CEO Jaco Jansen said: “We are delighted to expand our footprint in Glasgow. Securing another high-quality regeneration opportunity in such an excellent location fits our model perfectly. We look forward to working with all stakeholders to optimise the potential for this part of the city.”
The wider area, including Custom House Quay, Custom House Gardens and Carrick Quay, form part of a high-quality scheme to transform the waterfront with mixed-use development comprising hotels, designer retailers, luxury flats and a 24-hour promenade including restaurants and bars, the aim being to create an extension to the retailing and commercial activities within the city along the riverside.
Presently vacant, Custom House was once an operational customs office and was more recently occupied by the Procurator Fiscal. Located within an Outstanding Conservation Area, the building and its curtilage is category ‘A’ listed.
Shepherd Chartered Surveyors and Dougray Smith sold the site on behalf of Ashcap (CNC) LLP administrators A O’Keefe and E Mackay of AlixPartners.
Shepherd managing partner, Steve Barnett, commented that the level of interest generated by the opportunity was impressive, in terms of both the number and quality of the enquiries received.
“Our clients are delighted with the result of the sale.” he said. “This deal provides yet another example of the strength of demand for further hotel development within Glasgow’s city centre.”