Derry-based developer to open boutique venue at George Best hotel building
The Scottish Mutual Building, which was supposed to house a George Best-themed hotel, has been bought by a Derry-based property developer that plans to create its own “high-end boutique” venue.
The Martin Property Group has been one of the most active buyers of Belfast property in recent years, with its purchases including the Danesfort office complex in Stranmillis and Ross’s Court, the former home of Argos in the city centre.
The Scottish Mutual Building was bought by the Liverpool developer Lawrence Kenwright in 2017 but his firm went into administration in 2020 before the hotel ever opened.
In November administrators for the collapsed hotel confirmed strong interest in the listed property, however no bids matched the £7.2 million owed to the failed hotel’s chief lender.
“We are immensely proud to have acquired The Scottish Mutual Building,” Paul Martin, from the group, said.
“As well as restoring and preserving its wealth of original features, we will be adding a new luxury hotel to the city.”
Administrators Matthew Ingram and Michael Lennon had considered completing the hotel and allowing it to trade for a period before putting it up for sale in order to achieve the best return for the creditors.
However, after failing to raise the finance required for the build, court approval for the sale was granted in June this 2022.
