Wednesday, July 17, 2024
Wednesday, July 17, 2024
HomeNewsBusiness NewsSavills brings Virgin Hotel Glasgow property to market following administration

Savills brings Virgin Hotel Glasgow property to market following administration

Following its closure in December when the property owners filed for administration, Savills, on the instruction of the joint administrators of Lloyds Developments Ltd, has brought to market the heritable (freehold) interest of the Virgin Hotel Glasgow at 264 Clyde Street.

The 17 storey overlooking the River Clyde luxury hotel which overlooking the River Clyde includes 165 completed bedrooms, with capacity for up to 242, a ground floor restaurant and bar, a mezzanine bar and lounge, a terrace area and conference and meeting space for up to 60 delegates.

Savills say that the the hotel also provides the potential for further development, with the opportunity to complete the remaining 77 bedrooms, along with public spaces such as a proposed gym, function suite, whisky bar and coffee shop.

Steven Fyfe, director in the hotel capital markets team at Savills Scotland, said, “This is a rare chance for a purchaser to secure a prime asset that has been fitted out to an excellent standard in line with a luxury lifestyle hotel with the possibility of being in an income producing position from day one.

“Situated in a prime location within Glasgow city centre, the hotel is just a short walk from Glasgow Central Station and Buchanan street, as well as being in close proximity to all of Glasgow’s key demand drivers. Given it’s excellent credentials, we anticipate a significant level of interest from a global pool of buyers.”

Virgin Hotels Glasgow closes with immediate effect

 

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