THE owners of Glasgow's historic Egyptian Halls are hoping to find out this week if a £5m lottery bid has been successful.

 

The cash could be the trigger for a £20m restoration of the Union Street building, which has stood empty for more than 30 years.

Glasgow City Council gave permission for a 114-bedroom hotel in 2012, but red tape and funding shortfalls have plagued the renovation project ever since.

Meanwhile, the owners say they are becoming increasing concerned about the condition of the structure, with eight lumps of masonry tumbling down over the past year.

Now, a re-submitted bid has been lodged with the Heritage Lottery Fund by the Egyptian Halls Building Preservation Trust after a previous attempt last summer was turned down.

It was deemed to be 'too risky.'

Colin McLean, head of HLF Scotland, said there were concerns over other 'unconfirmed' sources of funding.

The building is owned by Dundee-based Derek Souter of Union Street Properties, and investors Kelvin Kerr and Duncan Souter.

Mr Souter said they had "de-risked" the bid as much as they could.

He said: "We've given them what they wanted, as much as we can.

"We will do whatever is required to get the funding. We are desperate to save the building."

Even if the cash is approved, further funding would be needed to get the project off the ground.

Mr Souter admitted the biggest challenge "has always been how to unlock funding sources, such as the £1.3bn Glasgow City Deal, EU funding, and the HLF funding."

He said: "Nobody knows how long the building can be propped up.

"It's in the last chance saloon."

Historic Scotland has offered a grant of £1.65m towards the project, but a time-limited £1m grant approved by Glasgow City Council in May 2010 lapsed in March 2011.

So far, around 8000 people have signed a petition calling for the building to be saved.

A Glasgow City Council spokesman said: "We have worked with the developer over a long period with a view to securing a sustainable future for the Egyptian Halls. We have provided support and assistance for the project and will continue to discuss the development with all parties involved."

Mr Souter - who has more than £6m in the project since 1998 - said the completed project would be a catalyst for the regeneration of Union Street, once one of the top retail streets in Glasgow.