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News Release

Glasgow

Sale of Pearl Assurance Building,

133 – 141 West George Street and 39 – 43 Renfield Street, Glasgow, G2 1JS


Glasgow, 9 April 2012 - Jones Lang LaSalle Hotels acting on behalf of Blair Carnegie Nimmo and Gerard Anthony Friar of KPMG LLP, as Joint Administrators of West George Street Properties LLP (in Administration) have sold the Pearl Assurance Building on West George Street to Hotel Land & Development (Glasgow) Limited.

The Pearl Assurance Building is a substantial city centre property comprising a partially developed 86 guest room hotel, La Tasca restaurant investment and vacant bar and restaurant (formerly Zizzi), with a  total gross internal floor area of just over 5,000 square metres (54,000 sq ft).

Keith McBain, associate director of Jones Lang LaSalle Hotels said: “The sale of this property is great news as we understand the developers will be continuing with the comprehensive refurbishment of the hotel element to form a 90+ guest room Park Inn. 

“Furthermore, we understand that an agreement to let the former Zizzi bar restaurant unit to a leading restaurant company has also been agreed”.

Steven Fyfe, surveyor with Jones Lang LaSalle Hotels added: “The property had been previously under offer and was remarketed in early 2011.  Our campaign culminated in a closing date in the summer of 2011 at which time numerous bids were received. 

“It was clear from analysis of these bids that the property benefited from eligibility for ‘Business Premises Renovation Allowance’ (BPRA) – as the majority of offers incorporated an approach based on this important tax saving and equity attracting scheme.”

While no price was quoted, the asking price was offers over £4.75m.

For further information contact Keith McBain, tel: 0141 567 6684/07855 808964, email: keith.mcbain@eu.jll.com or Steven Fyfe, tel: 0141 567 6685, email: steven.fyfe@eu.jll.com