Savills has sold a prominent Glasgow city centre hotel on behalf of Azets acting as Joint Administrators of Bracknell Property LLP to the Address Collective from a guide price of £4.5 million.
The former Pocotel is prominently positioned on a corner site at 139-141 West George Street and comprises an impressive six storey, B-Listed building recently refurbished with 91 guest bedrooms, restaurant, bar, meeting and fitness rooms. The property benefits from close proximity to strong corporate and leisure demand drivers in Glasgow city centre, Scotland’s largest city.
The property includes two income producing retail units: Tony Macaroni and Mozza.
Steven Fyfe, associate director in the Hotels agency team at Savills Glasgow, comments: “This sale demonstrates there is appetite from hotel investors to secure representation in Glasgow where there is a robust hotels market driven by tourism and business. The market has been significantly boosted by recent events including COP26 last year that put the city on the global stage. Glasgow’s ability to host major events at the OVO Hydro, Scotland’s largest conference centre, has seen the city chosen for 71 conferences in the last year and is expected to see the city remain a preferred events venue. Hotel operators recognise this.
“What is key to success in Glasgow’s hotels market is by being able to deliver the right product. The purchaser here has plans to create a bespoke product that we know to do well and which we believe will enhance Glasgow’s hotel offer. The building lends itself to a truly boutique experience and we look forward to seeing the new owners commence their business plan.”
Derek Forsyth of Azets acting as Joint Administrator comments “Not surprisingly the hotel had suffered operationally as a result of lockdown. Our appointment as Administrators brought a period of stability providing us the opportunity to take control of the asset and negotiate with the various stakeholders in an orderly fashion, ultimately bringing the deal to completion within a period of seven months. We are delighted to have concluded the sale of such a prominent hotel and wish the new operators every success in the future”.
Ciara McGettigan, owners of the Address Collective, adds: “This purchase demonstrates our appetite to grow the Address Collective Brand and we have plans to create a bespoke product that will enhance Glasgow’s hotel offering. The building lends itself to a truly boutique hotel and we look forward to the launch of The Address Hotel Glasgow.”
Existing Address Collective properties: The Address Hotel, Connolly (Dublin) 278 bedrooms; The Address Hotel, Citywest (Co Dublin), 129 bedrooms and; The Address Hotel, Cork (Cork city), 70 bedrooms.
