PRIME MIXED USE DEVELOPMENT OPPORTUNITY GLASGOW CENTRE

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1 FOR SALE On the instructions of the Joint Administrators of Argyle Street Properties (No. 2) Ltd (in administration) Approximately 0.2 Ha (0.7 Acres) Benefits from planning consent for Hotel and Serviced Apartments Suitable for a range of uses including hotel, offices, residential, student accommodation and retail PRIME MIXED USE DEVELOPMENT OPPORTUNITY GLASGOW CITY G2 8LP CENTRE SITE BOUNDED BY ARGYLE STREET / ROBERTSON STREET /

2 PRIME MIXED USE DEVELOPMENT OPPORTUNITY GLASGOW CITY G2 8LP CENTRE SITE BOUNDED BY ARGYLE STREET / ROBERTSON STREET / Glasgow is Scotland s largest city and one of the liveliest, most cosmopolitan destinations in Europe. It is a city of great culture, design, business, shopping, festivals, universities and conferences. Glasgow is Scotland s largest city and is the hub of the metropolitan area of west central Scotland. With a catchment of 1.7 million persons, Glasgow is Scotland s largest city, and now firmly established as one of Europe s top 20 conferencing and banqueting destinations, and Europe s fastest growing conference destination. (International Congress & Convention Association ICCA). Glasgow is one of the UK s most visited cities, attracting over 3 million tourists each year, from all over the world, who are drawn by its wealth of cultural attractions and activities. In addition, Glasgow s Festivals take place throughout the year and include the Glasgow Comedy Festival, Glasgow Jazz Festival, Celtic Connections, Glasgow Film Festival, West End Festival, Merchant City Festival and the Glasgow and World Pipe Band Championships. The Commonwealth Games in 2014 is to be hosted in Glasgow. The Glasgow 2014 Commonwealth Games is creating further development and regeneration projects in the commercial, residential and leisure sectors, adding to the historically high levels of investment which Glasgow has experienced. The games are ushering in a new era in developing infrastructure, housing and sporting facilities all over the city. Specifically, the development opportunity lies on Argyle Street, bound by Robertson Street and York Street, within the core city centre. This is a valuable trading location to gain a variety of hotel business, from sectors including business, shoppers, tourists, spin off trade from the core licensed circuits and short break / weekend trade. The city is one of Europe s top 20 financial centres and home to many of Scotland s leading businesses. The city has the UK s largest retail centre outside London, boasting one of the UK s largest shopping centres. Buchanan Galleries is currently the largest city centre shopping development in Scotland, supplemented by major additional shopping centres including Princes Square, St Enoch s Centre and the Italian Centre together with the popular Buchanan Street, Sauchiehall Street and Argyle Street pedestrian shopping precincts. Glasgow is a major transport hub with the most extensive urban railway network in the UK outside London, the focal point of Scotland s extensive road / motorway networks and featuring two international airports. Glasgow Airport, situated approximately 20 minutes drive from the core city centre, is the busiest of Scotland s three main international airports.

3 The Opportunity 1 Pret A Manger 2 Sainbury s 3 Starbucks 4 Costa Coffee 5 Superdrug 6 M&S Simply Food 7 Philpotts 8 Tesco Express 9 Central Station 10 Wetherspoons 11 Radisson Blu and Bar Nearby Amenities 11 SQA 12 Capgemini 13 Lloyds TSB 14 Scottish Power 15 MacRoberts 16 BT 17 Scottish Government 18 Balfour Beatty 19 BDO Stoy Hayward 20 NHS National Local Occupiers

4 PRIME MIXED USE DEVELOPMENT OPPORTUNITY GLASGOW CITY G2 8LP CENTRE SITE BOUNDED BY ARGYLE STREET / ROBERTSON STREET / Glasgow is Scotland s largest city and one of the liveliest, most cosmopolitan destinations in Europe. It is a city of great culture, design, business, shopping, festivals, universities and conferences. Glasgow is Scotland s largest city and is the hub of the metropolitan area of west central Scotland. With a catchment of 1.7 million persons, Glasgow is Scotland s largest city, and now firmly established as one of Europe s top 20 conferencing and banqueting destinations, and Europe s fastest growing conference destination. (International Congress & Convention Association ICCA). Glasgow is one of the UK s most visited cities, attracting over 3 million tourists each year, from all over the world, who are drawn by its wealth of cultural attractions and activities. In addition, Glasgow s Festivals take place throughout the year and include the Glasgow Comedy Festival, Glasgow Jazz Festival, Celtic Connections, Glasgow Film Festival, West End Festival, Merchant City Festival and the Glasgow and World Pipe Band Championships. The Commonwealth Games in 2014 is to be hosted in Glasgow. The Glasgow 2014 Commonwealth Games is creating further development and regeneration projects in the commercial, residential and leisure sectors, adding to the historically high levels of investment which Glasgow has experienced. The games are ushering in a new era in developing infrastructure, housing and sporting facilities all over the city. Specifically, the development opportunity lies on Argyle Street, bound by Robertson Street and York Street, within the core city centre. This is a valuable trading location to gain a variety of hotel business, from sectors including business, shoppers, tourists, spin off trade from the core licensed circuits and short break / weekend trade. The city is one of Europe s top 20 financial centres and home to many of Scotland s leading businesses. The city has the UK s largest retail centre outside London, boasting one of the UK s largest shopping centres. Buchanan Galleries is currently the largest city centre shopping development in Scotland, supplemented by major additional shopping centres including Princes Square, St Enoch s Centre and the Italian Centre together with the popular Buchanan Street, Sauchiehall Street and Argyle Street pedestrian shopping precincts. Glasgow is a major transport hub with the most extensive urban railway network in the UK outside London, the focal point of Scotland s extensive road / motorway networks and featuring two international airports. Glasgow Airport, situated approximately 20 minutes drive from the core city centre, is the busiest of Scotland s three main international airports.

5 ARGYLE STREET Location The development opportunity occupies a prime position in the heart of Glasgow's International Financial Services District (IFSD) and offers one of the best business addresses in the city. Located on the south side of Argyle Street bounded by Robertson Street and York Street, the site is conveniently situated for access to and from the M8 motorway (J19) and the M77 offering excellent links in and out of Glasgow. Glasgow Central Station lies within a 2 minute walk from the site and St Enoch subway station and Anderston railway station are a 5 minute walk in either direction. Within the immediate surrounding area are a number of major occupiers, all of whom underline the quality of the location. The opportunity is close to a host of local amenities with Marks and Spencer, Sainsbury's and Tesco all within a short walking distance. The Raddison Blu Hotel is situated immediately to the east of the site. A wide range of bars and restaurants are also located in the immediate surrounding area. Glasgow's principal shopping thoroughfare, Buchanan Street lies within a short five minute walk from the site. The Opportunity The asset held by Argyle Street Properties (No.2) Limited (in administration) comprises the development opportunity bound by Argyle Street to the north, Robertson Street to the east, York Street to the west, with Robertson Lane forming the site's southern edge. A landowner s development agreement has been agreed between Argyle Street Properties (No.2) Limited (in administration) and the Ho Wong Chinese Restaurant, therefore the restaurant unit is included within the sale. Ho Wong will be granted a 9 month licence post sale for relocation of their business. The development opportunity for sale therefore extends to the entire development block, excluding the Pawnbrokers situated on ground floor unit at 311 Argyle Street, which lies within third party ownership (see hatching on site plan below). Site Plan HOLM STREET ROBERTSON STREET Development opportunity for sale Third party ownership (ground floor)

6 Planning The full block on Argyle Street which borders York Street and Robertson Street benefits from a detailed planning permission for 'the erection of hotel and serviced apartments with associated facilities and formation of basement parking and service area' (ref: 07/01673/DC). The aspirations of the previous developer was to create a 6 star, quality hotel development which would act as an identifiable marker at the heart of the IFSD and enhance Glasgow s world class aspirations. The previous developer had identified Jumeirah as the preferred hotel opperator. The application was 'minded to grant' subject to the completion of an agreement under Section 69 of the Local Government (Scotland) Act 1973, and the approval of Scottish Ministers. The Section 69 Agreement related to a developer contribution to Clyde Fast Link (North Banks). This payment has been made, enabling the Decision Notice to be issued on 30th May Within the Glasgow City Plan 2, the site is located within the City's Principle Office Area whereby the area is promoted for high density business class. Uses which complement the office function of the area and extend activity outwith office hours would be considered. Two listed buildings are located on site. Part of the Argyle Street elevation ( Argyle Street) comprises a Category C listed building. The property located on the corner of Argyle Street and York Street ( Argyle Street / York Street) is a Category B listed building. The site is located within the Central Conservation Area. Business Premises Renovation Allowance (BPRA) The opportunity is situated within an assisted area and will qualify for Business Premises Renovation Allowance (BPRA). This provides 100% tax relief to property owners for qualifying capital expenditure incurred on conservation or renovation works undertaken on a building on or after 11th April Individuals and companies, therefore, who incur the capital expenditure in undertaking the redevelopment of the subject properties, can claim 100% relief. Individual purchasers should take their own specialist tax advice to ensure that BPRA tax relief is relevant and can be gained by a purchaser. Proposals Offers are invited for the Heritable Interest for the site. Our client is anticipating offers to be submitted on a 'clean' unconditional basis. Conditional offers, whilst not preferable will be considered where they are accompanied with supporting information to enable an assessment of the viability and deliverability of the proposal. All offers and intimations of interest should be submitted to the sole selling agents. Each party will be responsible for their own legal costs with the purchaser responsible for any Stamp Duty Land Tax, VAT or registration dues incurred thereon. Given the location of the site, and the nature of the surrounding area, the site offers potential for a range of uses including hotel, offices, residential, student accommodation and retail. Parties wishing to make their own detailed planning enquiries should contact Glasgow City Council who can be contacted at: Development and Regeneration Services Glasgow City Council, 229 George Street, Glasgow G1 1QI Tel:

7 SAUCHIEHALL STREET REET WEST REGENT STREET WEST GEORGE STREET WEST CAMPBELL STREET ST VINCENT STREET BATH STREET RENFIELD STREET M8 J19 PITT ST BROWN STREET GLAS STREET DOU JAMES WATT STREET BLYTHSWOOD STREET BOTHWELL ST REET WATERLOO STREET CADOGAN STREET WELLINGTON STREET HOPE ARGYLE STREET ROBERTSON STREET OSWALD STREET STREET GORDON STREET CENTRAL STATION UNION STREET JAMAICA STREET WEST NILE STREET S ST ENOCH BUCHANAN STREET QUEEN STREET RIVER CLYDE Technical Information A limited range of technical information is available upon request from the sole marketing agents. This information is provided for reference only and cannot be warranted. Viewing and Further Information Strictly by appointment through the sole selling agents: S Nina Stobie nina.stobie@eu.jll.com Mike Buchan mike.buchan@eu.jll.com Jason Hogg jason.hogg@eu.jll.com Misdescriptions Act 1967 and Property Misdescriptions Act 1991 These particulars shall not form part of any offer or contract and no guarantee is given to the condition of the property or the accuracy of this description. Any intending purchaser or tenant is not to rely on any representation made in these particulars and must satisfy themselves as to their own investigations before entering in to any contract. October Photo Aerial Photography Solutions, Kinross.