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News Release

Glasgow

Central House Sale Signals New City Centre Residence


Glasgow, 24 January 2013 - Jones Lang LaSalle Hotels & Hospitality, acting on behalf of Alan Brown and David Chubb of PricewaterhouseCoopers LLP, as the Joint Receivers of City Site Investments Limited have sold the Central House building on Jamaica Street to Fortis Developments Limited.

The 24,084 sq ft Central House building is a substantial city centre property, which had previously been prepared for demolition prior to the sale to make way for an iconic 122 bedroom hotel.
 
Steven Fyfe, senior surveyor at Jones Lang LaSalle Hotels said: “The sale of this property is great news, as we understand the developers will be undertaking a comprehensive refurbishment to transform the building into a student residence rather than demolishing it.”
 
“Our campaign culminated in a closing date in August 2012, at which time numerous bids were received.  It was clear from analysis of these that the property benefited from being eligible for Business Premises Renovation Allowance (BPRA), as a number of offers incorporated an approach based on this important tax-saving equity–attraction scheme.
 
“Such was the response we received at the closing date, it is clear there is an appetite for developers, investors and operators to enter the Glasgow hotel market. I would encourage those property owners or investors to contact us to discuss the potential of their property.”