Christie & Co appointed to market the former Lorne Hotel
Specialist business property adviser, Christie & Co has been appointed by joint administrators, Alistair McAlinden and Blair Nimmo of Interpath Advisory, to market the former Lorne Hotel, located in Finnieston, between Glasgow’s city centre and the popular West End district. The sales process will commence on Wednesday 4 August 2021.
Ideally positioned on Sauchiehall Street, the Lorne Hotel site is situated within the city’s trendiest neighbourhood, Finnieston, which was voted by The Times as one of the “hippest places to live” in the UK due to its thriving culinary and arts scene.
The property is surrounded by some of the city’s best bars, cafes and restaurants on Argyle Street, along with the nearby SSE Hydro arena, one of the world’s busiest live entertainment venues, and a range of galleries, museums and parks including the Kelvingrove Art Gallery and Museum, Kelvin Hall and Kelvingrove Park, and historically enjoyed a strong leisure clientele base as a result.
Sadly, the hotel was forced to close its doors in December 2020, due to the impact of the COVID-19 pandemic. Prior to closing, the business traded profitably as a three-star hotel with an independent bar and restaurant, Bukharah Restaurant and the Bilberry Cocktail Bar, which also ceased trading following the administration appointment.
The well-known hotel comprises 102 en-suite bedrooms, a hotel reception with lounge seating and a large modular function room with capacity for 170 guests. This space can also be split into three smaller rooms.
Brian Sheldon, Scotland and North West Regional Hospitality Director at Christie & Co is handling the sale and comments, “This sale presents a fantastic opportunity to secure a primely positioned, large-scale hotel that is surrounded by numerous leisure drivers in a thriving part of Glasgow. As such, we expect it to appeal to a wide range of purchasers, including existing hotel operators and local and regional investors. However, we also anticipate some interest for alternative use such as conversion to an aparthotel, student accommodation due to its proximity to the University of Glasgow, or alternatively, residential and Private Rented Sector (PRS). Planning permission has also been secured to develop an additional number of guest rooms, creating plenty of opportunity for prospective buyers.”
Alistair McAlinden, managing director at Interpath Advisory and joint administrator of Bellhill Limited adds, “We have been extremely pleased with the level of interest shown in the former Lorne Hotel since our appointment as administrators. Indeed, properties of this size and particularly in such a prime location don’t come to market in Glasgow very often.
“The proximity of the hotel to both the city centre and the West End, as well as Glasgow University, the Hydro and SSE and many renowned cafes, bars and restaurants, makes this an ideal investment for an hotel owner-operator, as well as being a highly attractive development opportunity for alternative use.”
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Executive
P: 07721 420 656 or E: bronte.hughes@christie.com
Katy Broomhead, Head of Communications, Interpath Advisory
P: 07824 537963 or E: katy.broomhead@interpathadvisory.com
Contact the agent:
Brian Sheldon, Regional Director Hospitality Scotland and NW
P: +44 (0) 7712 792 414 or E: Brian.sheldon@christie.com
