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Glasgow Luxury Hotel Developer Seeks CPOs

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1 Glasgow Luxury Hotel Developer Seeks CPOs on Mon Nov 22, 2010 8:55 pm

LeeRain


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Glasgow Luxury Hotel Developer Seeks CPOs

Published on 03-09-2009 by Skyscrapernews.com
Faced with intractable shop owners, the developer of a new luxury hotel tower to stand in the middle of Glasgow has been forced to try and seek compulsory purchase orders (CPO) so that the scheme can go forward.

The 92.5 metre tall scheme has been designed by Ian Simpson Architects and is being developed by Progress Property Developments for the luxury hotel chain, Jumeirah who will have a 158 room hotel within the scheme, plus 68 serviced apartments.

Work on what would be the tallest building in Glasgow was originally scheduled to get going in 2009, but this has been dragging due to issues over ownership of the site.

In the case of the Ho Wong Chinese restaurant on York Street, the owners were offered over 1 million for their building, a sum far above the market value, along with alternative premises elsewhere but refused the offer.

With the owners now seemingly unwilling to relocate for any amount of money the developer has no choice but to try and get a CPO which gives the owners compensation rights for their lost property but can only be issued if there is a "compelling case in the public interest".

CPOs are often used to acquire the freehold and leases of properties that people do not want to sell to developers who are working on large-scale projects but can be disadvantageous for those who they are issued against as they will only get the market value for their property, not the inflated sums offered to them before.

The developers have already served a CPO on the pawn shop on the corner of Argyle Street and Robertson Street which was also refusing to budge and that case started to be heard on the 1st of September.

The drama around developing the site shows in a microsm what can happen when the interests of small businesses come into conflict with large property developers. On one side, the small business seeks to get the maximum amount of money from their site, and may have invested such time and emotion into their property that they would not sell for any sum of money.

On the other hand, the large developer will seek to pay as little as possible for the property, and argue to the necessary authorities that their hotel and apartment complex is worth far more to the local economy in the form of jobs, increased tourism, and tax revenue, than a Chinese restaurant and pawn shop ever could be. No matter who wins, there are also losers.

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