Shepherd and Dougray Smith sell Custom House Hotel development opportunity in Glasgow to Artisan Real Estate Investors
Acting on the instructions of A O’Keefe and E Mackay of AlixPartners, administrators of Ashcap (CNC) LLP, Shepherd Chartered Surveyors and Dougray Smith have sold the Custom House development site in Glasgow city centre to property development and investment company Artisan Real Estate Investors for a sum significantly above the asking price of £1.75m.
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.
The development is located within the southern periphery of Glasgow’s Central Business District and has excellent communication links, with access to the M8 Motorway.
Shepherd Managing Partner Steve Barnett commented that the level of interest generated by the opportunity, during what was a highly successful marketing campaign, 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.”
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.
**For further information please contact Steve Barnett on tel 0141 331 2807 or Chris Dougray on 07808 479215 **
Issued on behalf of Shepherd Chartered Surveyors by Liquorice Media tel 0187 738 2961 www.liquorice-media.com
Date: 24 August 2017
Notes to Editors
• Designed by customs officer John Taylor and opened in 1840, Custom House is a large south facing classically styled blond sandstone building sited on the north side of the River Clyde. With four Doric pillars across the frontage between a pair of pilasters, the frontage is topped by the carved lion and unicorn of the coat of arms of the United Kingdom.
• The building housed officials who collected duties on imports and exports at the harbour and held registers of ships. Described as neat, Greek and Doric, it was subsequently acquired for the Procurator Fiscal's office.