A Northern Ireland property development company has bought the Scottish Mutual Building in Belfast for an undisclosed sum from administrators Kroll.
The building, which had been owned by developer Lawrence Kenwright, was in the process of being developed into the George Best Hotel when it was placed in administration in 2020 and has now been bought by Londonderry-based Martin Property Group. The company said the building will now see significant investment in its “restoration, preservation and enhancement” to become a boutique hotel.
Martin Property Group has been active in the Northern Ireland and wider UK real estate market in recent months.
It has acquired the Danesfort building in Stranmillis in Belfast where it is investing £15 million in its refurbishment. Other assets include Ross’s Court, the former home of Argos off Arthur Street in Belfast; Marlborough House on Victoria Street, currently occupied by law firm Tughans; Richmond Shopping Centre in Derry and Chester Shopping Centre in England, amongst others.
The Scottish Mutual Building, which was built in 1904 and occupies an imposing position on the edge of Belfast city centre’s Donegall Square, is one of the company’s most high-profile purchases and one it takes pride in, Paul Martin from The Martin Property Group said.
“We are immensely proud to have acquired The Scottish Mutual Building, becoming the custodians of one of the most historically and architecturally important buildings in Belfast,” he said. “As well as restoring and preserving its wealth of original features, we will be adding a new luxury hotel to the city, in a move which reflects our confidence in Belfast’s ability to attract both business and leisure tourists.
“We look forward to engaging with key stakeholders in the project, including Belfast City Council and the Historic Environment Division, amongst others, who can share and shape our vision for this impressive building. It is a privilege to have the opportunity to preserve and enhance such an important landmark in the city and enrich Belfast’s built heritage for future generations.”
