The council purchased the Pump House for £450,000 from the Clyde Maritime Trust in 2002 to help provide financial stability for the Trust, leasing the property to the Trust on the basis that it would be used as a Maritime Museum or uses ancillary to this.
This condition was placed by SECC Limited, original owners of the building, and which placed this restriction on the Trust when the latter took ownership.
The trust will relocate to the Riverside Museum in 2010, leaving the building to cease its museum use and being surplus to council requirements. Restrictive conditions will remain in place until being lifted by SECC, and council discussions with them have resulted in agreement to lift these conditions subject to their receiving an appropriate part of the sale price.
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Glasgow Harbour has requested that the council dispose of the Pump House to them on an 'off-market' basis, as they are the adjacent owner, and they plan to invest a considerable sum into the building to create a boutique hotel and restaurant.
It is proposed that the site is disposed of to Glasgow Harbour at its open market value (to be assessed by an independent surveyor) on the following basis: the council receives a first payment of £450,000 (represents the price paid in 2002) and the difference between £450,000 and the final gross price will be equally divided between the council and SECC.
Cllr George Ryan, Executive Member for Development and Regeneration, said: "This proposal could result in another high quality restaurant and a hotel in the city, and a new lease of life for a listed building.
"Developments such as this are key for the ongoing regeneration of the waterfront, and would attract more visitors down to the river in a location rich with cultural venues."
(GK/JM)
