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Union Street Investments sign Egyptian Halls hotel deal

May 11 2010

Union Street Investments sign Egyptian Halls hotel deal
Union Street Investments Ltd has signed heads of terms with Longrose Buccleugh, a specialist hotels operator and developer, to manage a 136 bed Accor Hotel franchise at Alexander Thomson’s Egyptian Halls.

The proposal, which sees £15m of private sector investment would secure the long term viability of Thomson’s crumbling masterpiece but is reliant upon £5m of grant funding from Historic Scotland (£1.67m), Glasgow City Council (£1m) and the Scottish Government (£2.3m).

USI’s Derek Souter said: “I’ve now written directly to Minister John Swinney reinforcing what we believe to be a very, very strong case as in effect this incremental funding is self- financing over 4 years due to Business Rates accruing from a building, which has lain empty for over 20 years.

“If awarded we’d very quickly lodge a “PLANNING IN PRINCIPLE” application and concurrently finalise the private sector funding required to fund the project”

Souter warns that the A listed warehouse faces eventual demolition if action isn’t taken soon to stabilise the decaying structure.

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