New £25m Hotel Complex Gets Green Light

It’s been a busy few weeks for Lynnet Leisure, the family business headed up by James Mortimer. First of all they got the green light from Glasgow City Council, with the grant of full planning permission, for a £35m hotel, casino, bar and restaurant complex at Royal Exchange Square. The project will bring 96 hotel rooms to the city, and will create around 250 jobs.
The new project will have shops at ground and first-floor levels, around 1000sqm of leisure space on the second floor, a spa and further leisure space on the third floor, the hotel will take up the fourth to ninth floors and there are plans for a double height public bar on the 11th floor. The plan also involves using part of the basement as leisure and bar space.
Richard Brown, executive director of development and regeneration services said, “It will deliver significant benefits to economic growth as well as significant benefits to the wider community which outweigh the substantial demolition and façade retention of the ‘B’ listed buildings at 1-3 Royal Exchange Court.”
Lynett then completed the sale of its commercial office and retail property at 78-90 Buchanan Street and 9-17 Exchange Place. Lothbury Investment Management acquired the buildings on behalf of its investment trust for £17.4m. The premises also includes the Rogano property, which Lynnet also own, Vodafone, Starbucks and Bench.
Lynett Leisure agreed a consensual sale of the property with its lender Clydesdale Bank, who stated in June it was withdrawing from UK commercial property lending.

Category: Bar & Pub
Tags: Glasgow, green light, hotel complex, Lynett Leisure