Buccleuch Property has announced the sale of its Evolution site on Glasgow’s Oswald Street to German hotelier, Motel One. The prime site, adjacent to Central Station and in the International Financial Services District, will be transformed into a hotel offering in excess of 370 beds.
Following receipt of full detailed planning permission earlier in the year, practical completion for the hotel is expected summer 2015. Contractors are expected to be onsite early next year.
Sandy Smith of Buccleuch Property said: “The deal with Motel One is an extremely positive one for Glasgow. Its development will continue to encourage economic development in the city, creating hundreds of construction jobs, as well as via its operation going forward.
“When completed, it will offer one of Scotland’s largest hotels in terms of number of rooms, and strengthen what is already a very positive story about Glasgow as a progressive international destination.
“Having secured planning permission on the site for an office and retail scheme back in 2007, we put our proposals for developing it on hold during the downturn.
“During this period we were approached by a number of parties interested in the site. Motel One proved to be a good fit; working closely with them and Glasgow City Council we agreed a deal for alternative use, which both the International Financial Services District in Glasgow and the city planners have been highly supportive of.”
Christie & Co acted for Buccleuch Property.