A landmark former hostel that operated for more than two decades has been sold.
CBRE said that “the high level of interest received demonstrates the strength and continued growth of the bed sector, particularly the city centre”.
The “substantial” 1960s building also has a ground-floor restaurant and bar with 70 covers.
Euro Hostel Glasgow, which covered the basement, ground and ten upper levels, closed last year and went on the market in April.
The selling price was not disclosed but it was marketed at £3.75 million.
Kathryn Bennett, of CBRE, said: “Following an extensive marketing campaign, my Operational Real Estate colleagues Charles Jones Alex Warburton and I are delighted to have concluded the sale of Euro Hostel Glasgow.
“The high level of interest received in the Euro Hostel demonstrates the strength and continued growth of the bed sector in Glasgow, particularly the city centre.
“Great to have worked alongside Chris Clarkson and his team at Morton Fraser MacRoberts LLP on this transaction in addition to Barry McNeil at Cornerstone Business Agents who advised the purchaser.”
CBRE also said: “The property was converted to use as a hostel in 2000 and comprises 137 rooms. The hostel ceased operating in December 2023.”
Electricity 'superhighway' between Scotland and England approved
A £3.4 billion electricity ‘superhighway’ between Scotland and England has been approved by energy regulator Ofgem in the biggest single investment for electricity transmission infrastructure in Britain.
The 500km (311-mile) Eastern Green Link 2 (EGL2) project will stretch from Aberdeenshire to North Yorkshire and will transport vast amounts of renewable energy between Scotland and England. The joint venture between Scottish and Southern Electricity Networks and National Grid is part of a push to modernise the electricity grid to deal with greater demands placed on it by the green transition.
£1.3bn in Network Rail contracts handed out in Scotland
Five organisations have been awarded contracts worth up to £1.3 billion to keep Scotland’s railways safe and reliable over the next five years.
Network Rail announced the contracts as part of the new Scotland Civils Framework, which is a lot-based agreement between the company and each of the contractors. The contracts will fund buildings, civils, structures, earthworks, drainage, renewals and enhancement projects across the country. VolkerRail is one of those awarded work and it is their first ever major contract on Scotland’s railways. They’re joined by Taziker Industrial, AmcoGiffen, STORY and QTS in earning contracts to carry out the work.
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