Jones Lang LaSalle Hotels announced today it is marketing for sale Hamilton Hall, a former hotel on St. Andrews Golf Course in Scotland. The iconic building overlooks the first tee / 18th green of the Old Course at St Andrews.
Hamilton Hall was originally developed as the “Grand Hotel” of St Andrews and was acquired in the fifties by St Andrews University and redeveloped as a student residence. Hamilton Hall was the backdrop to many nail biting finals of the Open Championships held at St Andrews and, the Old Course has hosted 27 Championships over the years, with the next due to take place in July 2010.
The property was subsequently acquired in 2004 for a price of £20 million by a U.S. investor, with aspirations to develop a fractional ownership residential development. The development did not take place. Jones Lang LaSalle in Scotland has been selected by the lender (Heritable Creditor) to place the property on the market.
“Properties such as Hamilton Hall almost never come on the open market,” said Arthur Adler, managing director and CEO-Americas. “We anticipate significant interest from around the world.” Jones Lang LaSalle has not set an asking price for the property.
The property has planning and listed building consent for 55,000 sq. ft., intended as 25 luxury apartments and equally suited to a 90-room boutique hotel with high quality food and beverage. The existing planning consent is a “façade retention scheme” allowing a new building behind a world famous façade.
With the GBP at an historically low level, the building will undoubtedly offer an attractive opportunity not only to overseas investors able to capitalize on favorable exchange rates but also on the significantly reduced development risk of such an iconic building with a clear development model to a high value customer base.
Jones Lang LaSalle Hotels and Jones Lang LaSalle are marketing Hamilton Hall on the worldwide stage by a cross-functional team of experts. The firm is commencing an international search for qualified investors through a personalized marketing strategy designed to reach likely buyers in global markets. For more information on this offering, reach Arthur.Adler@am.jll.com in New York, Alan.Creevy@eu.jll.com in Scotland, Mike Batchelor@ap.jll.com in Singapore, or Jalil.Mekouar@eu.jll.com in Dubai.