Bloc Hotels buys former cash vault for new Glasgow hotel

13 November 2019 by
Bloc Hotels buys former cash vault for new Glasgow hotel

Bloc Hotels has acquired a fourth site, with the purchase of a former cash counting and storage facility in Glasgow.

The 1980s building, which sits opposite Queen Street Station, will be replaced by a seven-storey hotel and retail space to create Bloc Glasgow.

Bloc Hotels already runs a 245-bedroom hotel at Gatwick Airport and a 105-bedroom hotel in Birmingham's Jewellery Quarter. It is also building a 25-storey, 227-bedroom flagship hotel next to Birmingham New Street Station called Bloc Grand Central.

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 4%, 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."

Bloc Hotels bought the building from LGIM Real Assets, a division of Legal & General Investment Management, with property agent JLL advising on the deal.

Kerr Young, director, 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 concepts 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."

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