Site to be transformed
Bank building to be replaced by seven-storey Bloc hotel
Bank building will be demolished (pic: Google)
A former RBS cash counting centre opposite Queen Street Station in Glasgow, will be demolished and replaced by a seven-storey hotel.
Bloc Hotels acquired 21 West George Street, known as Dale House, and will complete the transformation of that part of the street where the rail station is undergoing a £120 million redevelopment.
Planning has been granted to replace the existing 1980s building with a hotel and retail space.
Bloc is behind designer hotels at Gatwick Airport and Birmingham’s Jewellery Quarter. Construction is under way on the 25-storey flagship Bloc Grand Central hotel next to Birmingham New Street Station.
This latest addition to Bloc’s portfolio has been purchased from LGIM Real Assets, a division of Legal & General Investment Management. JLL advised Legal & General on this acquisition.
Dominic Mayes, property director at Bloc Hotels, said: “We are really excited to have acquired this site and look forward to delivering Bloc Glasgow to this extremely vibrant part of the city.
“The property is in a prime location, directly opposite the recently redeveloped Queen Street Station, where the number of people using the station is set to increase by 40%, reaching 28 million by 2030. This is another defining moment in the company’s ambitious growth strategy, as we continue to expand into key gateway locations.”
Craig Westmacott, senior fund manager at Legal & General, said: “Since being listed for sale, Dale House has generated considerable interest from developers, investors and owner-occupiers for a variety of different uses.
“Having strategically secured valuable hotel consent on the site, we are pleased to have now sold the asset to Bloc Hotels, who will develop their hotel brand on this important Glasgow city centre location. The sale brings to a conclusion a successful asset management strategy which has generated attractive returns for our investors.”
Kerr Young, director at JLL, commented: “Glasgow remains a target location for a large number of hotel operators. We continue to see good traction across the UK from a number of well capitalised new and expanding hotel con¬cepts and are delighted to have been instrumental in bringing Bloc Hotels to Scotland.
“We received in excess of 20 offers for the site and that is testament to the quality of the location and the opportunity it presents.”