Indigo Hotel, Glasgow
The development of the boutique Indigo Hotel on Waterloo Street, Glasgow was a conversion and renovation of an empty office block within the city’s International Financial Services District, which is home to several large corporate head offices. The property’s history dates back to 1892 when it was built by Glasgow Corporation as the first electric power station serving the city.
The development qualified for Business Premises Renovation Allowance, which will allow investors to reclaim a significant proportion of their investment through 100% initial capital allowances on qualifying conversion and renovation costs.
The £11.5 million development was completed in April 2011 and has since enjoyed high occupancy rates. Celebrity chef Marco Pierre White has a restaurant occupying part of the ground floor of the hotel.