| Comment | > well, just build housing instead of Hotels.
Not meaning to sound snippy but to illustrate my point: who would that instruction / request be directed at?
We're talking about a plot of privately owned land being developed into something the owners see offering them significant returns. In and around city centres, hotel space is often a high-demand and high-return investment. Or offices, though that's become very patchy in terms of potential returns for developers.
Increasingly, residential rent values in urban cores (over the world, not just Glasgow) are peaking to a point that new permanent-residential builds make increasing financial sense for landowners too. That's why we're seeing a build-to-rent boom, with lots of previous retail space (see St Enoch) being converted into new office-resi mix.
Point is, this is privately owned development. It's not sim city where you can decide exactly what gets built on each development site as it comes up. And in a city centre site so close to major transit nodes, a large plot with a mix of hotel-office-resi is a good balance. |
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