Developers are to ponder options for a landmark building in Glasgow city centre after they secured a seven-figure loan.
The 24-month, £2.5 million bridging loan has been secured against the office building at 249 West George Street, on the corner of Blythswood Square, which already has planning permission for a 113-room aparthotel.
The loan will be used as a holding facility by the developer, Courie Investments, while bosses review a number of options for the building including implementation of the existing aparthotel consent, or total redevelopment for continued office use.
Andrew Smith, co-founder of Unbranded Finance, which provided the bridging loan, said: “We used our in-depth knowledge of the local market and in-house property expertise to very quickly underwrite this transaction, and it was executed without the need for an external valuation allowing drawdown to be accelerated, demonstrating our flexible approach to delivering rapid and straight forward funding solutions.”
Andrew White, director of Courie Investments, added: “Unbranded delivered exactly what they said they would.”
Unbranded Finance was set up in 2020 by experienced property investors and developers, Andrew Smith and Oliver Holt. It has offices in Edinburgh and London.
A recent report revealed that investment in Scottish commercial property has held up in the face of volatile market conditions with a “wall of overseas capital” chasing prime assets.
Releasing its latest review, property advisor Lismore Real Estate Advisors said the investment market had “fared surprisingly well” with investment volumes trading at just under £1.35 billion in 2021, a 24 per cent increase on the total for 2020.