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News Release

Glasgow

Wide range of interest in development site at heart of Glasgow’s Financial District

Closing date now set for opportunity brought to market by Jones Lang LaSalle


Argyle Street Glasgow
Glasgow, 4 February 2013 – Jones Lang LaSalle has announced a closing date for the sale of a landmark 0.7 acre mixed-use development opportunity in Glasgow’s International Financial Services District.

A wide range of interest has been received for the asset, which is being marketed on behalf of KPMG, the Joint Administrators of Argyle Street Properties (No. 2) Ltd.

The site – which benefits from planning consent for hotel and serviced apartments – has been marketed for sale since October 2012. That process will now end at a closing date on 20 February, 2013.
 
The Argyle Street site, one of the best business addresses in the city, occupies a valuable trading location and is suitable for a range of uses including hotel, offices, residential, student accommodation and retail.
 
Located on the south side of Argyle Street and bounded by Robertson Street and York Street, the site offers excellent links to the M8 motorway and the M77. Glasgow Central railway station is a two-minute walk from the site, and St Enoch Subway station and Anderston railway station are a five-minute walk in either direction.
 
The full block – located in the City's Principal Office Area and surrounded by some of its busiest thoroughfares – benefits from detailed planning permission for 'the erection of hotel and serviced apartments with associated facilities and formation of basement parking and service area”.
 
A restaurant unit, currently occupied by the Ho Wong Chinese, is included in the sale and is subject to a landowner’s development agreement. Two listed buildings are also located on site, which qualifies for Business Premises Renovation Allowance. This provides 100% tax relief to property owners for qualifying capital expenditure incurred on conservation or renovation works.
 
Nina Stobie, of agents Jones Lang LaSalle, said: “As this is one of Glasgow’s best business addresses, we have not been surprised at the level of interest generated so far, with a wide range of enquiries already having been received.
 
“With good transport links and planning permission already in place for the erection of a hotel or serviced apartments, this is a particularly valuable opening in the heart of the International Financial Services District of Scotland’s largest city.
 
“Glasgow has a catchment of 1.7 million people, and is Europe’s fastest growing conference destination. The city is visited by three million tourists every year, and will host the 2014 Commonwealth Games. With the Radisson Blu hotel already next door, and thousands of square feet of office space within a five-minute walk, we’re expecting strong levels of interest.”