Four townhouses which have just come on the market in central Glasgow offer a unique opportunity for developers.
The buildings, which currently house the Prince & Princess of Wales Hospice, are priced at offers over £1.5 million. Overlooking the River Clyde, with spectacular views of the city, the four interlinked and extended Victorian houses have been the home of the hospice for more than 30 years.
This site has been very well maintained over the years so most of the hard work is doneAlan Creevy, CDLH
They are now for sale with leisure and hospitality surveyors CDLH of Glasgow as the charity is expanding its services and building a new home in Bellahouston Park, with patients and staff moving next year.
The sale of the buildings will not complete until 2018, meaning a buyer has the opportunity to apply and obtain planning consent to redevelop well in advance.
The four townhouses cover approximately 35,000sq ft and are a short walk from St Enoch subway station, Buchanan Street, Princes Square, St Enoch Shopping Centre, Central station and Queen Street station.
The buildings are also right on the riverfront, with views over the Clyde in front and a beautiful Victorian footbridge just outside.
Numbers 67, 69, 71 and 73 Carlton Place are set over three storeys with additional attics. They are well maintained and have modern gas-fired central heating systems and three passenger lifts.
There are extensions to the rear and a car park for 25 cars.
CDLH believes that the property as a whole presents an ideal development opportunity whether it is bought to be transformed into an aparthotel or serviced apartment complex, reconfigured for private residential use or converted into a care home.
Alan Creevy, director of CDLH, says: “It has only just been launched on to the market and already there is genuine interest from across the board.
“As well as all the other possibilities, because of the size of the project we also expect interest from smaller investment companies looking to develop the site into rental units.”
He points to the ease of redevelopment of the building compared to similar projects.
“Very often with a period property you have to start by bringing the fabric of the building up to standard, but this site has been very well maintained over the years so most of the hard work is done,” he says.
“One of the big advantages are there are already lifts in the building, as adding these can be expensive and cause a great deal of disruption during a refurbishment, so that is a major plus.”
The extended sale period – the charity will not move out until July 2018 – is another huge advantage to the purchaser, according to Creevy.
He says: “It will allow purchasers the opportunity to negotiate the acquisition and thereafter submit applications for planning, building warrants and even put the work out to tender, all before having to pay for it.”
The property is listed Category B and therefore it is expected that the façade would need to be retained intact as part of the planning.
Carlton Terrace is situated in an area which is zoned for residential and supportive uses so CDLH advises that it is likely, therefore, that the planning department would be sympathetic to a change of use either to residential or hotel use.