Indigo Hotel, Glasgow
The development of the boutique Indigo Hotel 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 project qualified for Business Premises Renovation Allowance, which allowed 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.
In October 2018 Maven completed the £14.5 million sale of the hotel to Heeton Holdings, a Singapore-listed real estate conglomerate. The structure of the transaction also included the sale of the Freehold interest in the hotel to a Ground Rent Fund.