£1.75m deal for empty listed building
Custom House sold to Artisan Real Estate Investors
Riverside development: strong interest
The Custom House site in Glasgow city centre has been sold to property development and investment company Artisan Real Estate Investors for significantly above the asking price of £1.75 million.
Artisan is behind the New Wavereleygate development off the Royal Mile in Edinburgh.
The Grade A-Listed Custom House and adjoining land on Dixon Street and Clyde Street overlooking Glasgow’s waterfront has planning consent for development of a 14 storey, 209 room full-service hotel, restaurant and bar, conference and meeting facilities, and gym and leisure facilities.
Shepherd Chartered Surveyors and Dougray Smith concluded the deal for A O’Keefe and E Mackay of AlixPartners, administrators of Ashcap.
Shepherd Managing Partner Steve Barnett said there had been an impressive number and quality of enquiries.
“This deal provides yet another example of the strength of demand for further hotel development within Glasgow’s city centre,” he said.
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 is 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.