Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Bauhaus hotel to be transformed into student accommodation

Bauhaus hotel

The directors of Bauhaus hotel made the decision to appoint administrators after it suffered from difficult trading conditions

RSM’s restructuring advisory arm has served as administrator for the former Bauhaus hotel in Aberdeen. The sale will reportedly see the property transformed into student accommodation facility in the Scottish city.

The 39-bedroom Bauhaus Hotel in Aberdeen closed its doors in 2019, appointing administrators from RSM. The directors of Bauhaus hotel made the decision to appoint administrators after it suffered from “difficult trading conditions.”

Paul Dounis and Gareth Harris of RSM’s restructuring advisory team were appointed joint administrators of the former hotel. However, what was initially hoped to be a swift sale was soon complicated by the unforeseen events of the following two years.

Eventually, the landmark property has been sold for an undisclosed sum, off of a guide price of £1.4 million. The sale has seen the property transferred to property developer Granite City Developments LLP in a deal which will regenerate the site and create student accommodation facility. The sale has been completed by property specialists Colliers on behalf of administrators.

RSM Partner Dounis remarked: The sale and change of use of the vacant Bauhaus building will bring young people back into the heart of Aberdeen – creating jobs; enhancing the vibrancy of the City; and supporting economic growth post-pandemic.

Following the sale, Aberdeen City Council has approved the conversion of the former hotel into 45-units of accommodation. The block will eventually aim to house students from The University of Aberdeen, North East Scotland College and Robert Gordon University. The conversion of the property ties in with the local authority’s plans for a £4.8 billion regeneration of the city.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.