A GLASGOW building which formerly housed a Royal Bank of Scotland cash-handling centre has been put up for sale by owner Legal and General Investment Management.
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Dale House on West George Street, which was built in the early 1980s and is opposite Queen Street Station, is being marketed by JLL. The property firm noted full planning consent had been secured in 2018 to demolish the existing building and to construct a new seven-storey building incorporating a 160-bed hotel with about 16,000 sq ft of retail and restaurant space.
Kerr Young, director in JLL’s hotels and hospitality division, said: “Glasgow’s hotel market is performing incredibly well. As a result, we’re expecting high levels of interest in Dale House.”
JLL said: “In light of its prime location, the property also provides the opportunity to be developed for a variety of alternative uses including office, residential and student accommodation, subject to planning consent. The opportunity also exists for hotel and office pre-let enquiries.”
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Noting year-on-year rises in average daily room rates and occupancy in Glasgow's hotel sector, Mr Young said: "We are inviting offers from perspective hotel operators to submit proposals to enter into a lease on the completed hotel. Offers will also be considered for the acquisition of the Dale House."
JLL said the building also had potential to be developed as a purpose-built office.
It added that Norr Architects had undertaken a detailed feasibility study proposing that an indicative 85,000 sq ft could be developed over ground and mezzanine levels and eight upper floors.
Mike Buchan, director in JLL's office agency operation, said: “Glasgow’s office market is performing strongly, with a range of major occupiers announcing their intent to grow in the city over the coming years. Given the location and size of this opportunity, we anticipate strong demand for this property from any buyers seeking a prime office development opportunity in central Glasgow with premium transport links.”
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